The introduction of digital silver was announced on Thursday by MMTC-PAMP. Customers will be able to access the product in the same way that they can with digital gold. On the company’s website and those of its affiliates, such Paytm and PhonePe, customers can acquire the purest silver, 999.9+. A certified bank-grade vault that is daily audited by a third party trustee will be used to hold physical silver equal to the amount of silver bought digitally, according to MMTC-PAMP.
During a chat with Mint, Amul Saha, chief digital officer, MMTC-PAMP India said, “The trusteeship has to make sure that the amount of digital gold or silver accrued within a day from a net sales point of view is added back to the bucket by key partners.”
The user can’t get to the storage space to see how much silver she has. It’s prohibited for security concerns. Users can verify their holdings online and redeem instantly, though “Saha stated.
Clients can purchase digital silver for as little as Re 1, just like they can with digital gold.
“This digital asset offers all the advantages of silver, with the additional advantages of transparency, 24/7 accessibility, ensured purity, and a low barrier to entry for silver investments, all without requiring any making-fee payments, “Statement from MMTC-PAMP
The company’s products, which include coins, bars, and idols among other things, are available to customers at any moment so they can convert their digital silver holdings into physical silver.
Please take note that you cannot get custom silver products created using your digital holdings; instead, you can only convert them into physical silver products that are offered on the platform. When transforming digital silver into a physical good, the user must pay making fees as well as delivery fees to have the good delivered to their doorstep.
“We began selling digital silver on our site on January 30 and are already experiencing a spike in user interest. In terms of volume, digital silver currently outpaces digital gold, according to Saha.
According to Saha, the company currently offers users the option to retain their digital silver for as long as they like in the company’s vault without paying a fee. The consumer must pay 3% GST when purchasing digital silver, even though there is no processing or transaction cost. As of right present, neither digital silver nor digital gold are regulated in India.
