India is set to be the world’s first country to start trading gold coins with India.
On Wednesday, the Government of India will launch a new gold coin called the Gold Initial Naming Ceremony (GICN) in the country.
India is set for a $7 trillion (Rs.
11,500 crore) boom in gold coins due to its proximity to China and the demand for gold in emerging markets.
A new coin that can be exchanged in cash for gold is a huge boost to India’s economy and would help revive the economy.
It will also be the first time that India will be able to trade gold for cash.
India has a long history of gold coinage.
It first introduced the Gold Coin in 1869 and in 1923, India officially adopted the gold standard.
India will be getting gold coins worth about $300 million in the first two years, with gold bullion sales projected to increase to $1.6 trillion ( Rs. 11.5 lakh crore) in 2021 and to $2 trillion (R.
2.6 lakh crore), said the Indian government in a statement.
In 2016, India introduced gold coins bearing the country’s gold standard and the Indian currency.
The coins were launched by the government at the India-China Economic Cooperation Forum (ICEF) in New Delhi.
Gold coins are expected to be introduced to India in 2019, with the first coins to be minted in 2020.