Electronic payment system c-gold was created in 2007, it is the project of Private Gold Equities Exchange Limited, a Seychelles company that specializes in the development and operation of online market places and e-commerce platforms.
C-Gold.com is a gold-backed, electronic payment system that serves as a platform of free commerce and exchange between users, denominated in grams of gold (G). Payment system C-gold is redeemable, that is an essential sign. Users can use their c-gold account balances to make payments to each other by using the web-based interface to login their account and pay c-gold (G) to another account.
The third party exchangers are also offering a means for users to convert their c-gold (G) holdings into fiat currencies, independent of c-gold, by paying a balance of gold from their respective accounts into the account of an exchanger and receiving an amount of fiat currency by means of bank wire, cheque, money order, or other financial instruments, unrelated to c-gold.
Initially c-gold.com was established as an online presence, with gold being stored for the users at premises owned by the company and/or at convenient locations provided by the third-party contractors. Anyone who is of legal age in his country of residence can open a c-gold account and operate it to receive and make payments to any other user.
The gold is stored in Malaysia in 12 secure storage locations and undergoes annual audits as per Malaysian law.
It is easy to create an account at C-gold. User needs to enter his/her own details, such as name, account title, address, etc., and free full-functioning c-gold account will be available in few minutes.
C-Gold is a closed book system consequently the only way you can fund your account is via storage of a gold bar or purchasing c-gold from someone who already owns this digital gold currency. The weight-based balance of c-gold account represents the exact amount of customer's claim on the overall gold stored for c-gold users.
Gold is stored in 1000 gram bars (999 fine, marked and certified bars only). There are daily holdings right down to the bar mark and number from the c-gold holdings page on c-gold website. C-gold is considered by some the next logical stage of «digital gold currencies», by allowing each local user to bail in and redeem literally over the counter.
Any user with an active and verified c-gold.com User Holdings Account can visit a shop of the Commerce Gold Network and add gold to his or her account by bailing in a gold bar (type conditions apply). If the balance in User's Holdings Account exceeds 1,000 grams, he/ she can also redeem a bar on the spot. If there is no Commerce Gold shopfront in user's area, customer can also request to have bars shipped to registered street address at no surcharge (shipping, handling and insurance fees apply).
In the terms and conditions of C-Gold system is said that the entity responsible for storage, storages and redemption of the Fine Gold is held in Allocated Storage within the Repositary on behalf of the users is CyFro Associates Sdn. Bhd.
On the website c-gold statistics is represented, where customer can see number of accounts, number of funded accounts and c-gold in circulation. Also the following info is available: quantity of new accounts, users accessing accounts number of transactions and total transaction (G).
User can open as many accounts as he wants, once user complied with KYC rules of c-gold system. To get a chance to enjoy all the benefits of c-gold, applicants need to provide ID and utility bill scans to comply with various laws and to avoid any abuse of the c-gold system. People who bail gold bars into the system, the venture tasked to store the bars acts as default storage and redemption agent.