London's $930-billion gold market could be set for a "transformative" shake-up, as the World Gold Council (WGC) looks to digitalize the metal. On Wednesday, the WGC — a trade body that represents the gold industry — launched a proposal for the roll-out of Pooled Gold Interest (PGI) tokens backed by physical gold bars held in London, which could be used to trade bullion and use it as collateral. The tradeable PGIs would give market participants legally enforceable ownership of vaulted gold and allow traders to buy fractions of 400-ounce bars for the first time, according to Mike Oswin, global head of market structure and innovation at the WGC. "This is a way to be able to get into the get into the market, hold a digital representation of gold with full legal [entitlement], with full confide

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