...it may lay part of the foundation for monetizing. A large Indian financing bank, HDFC, is offering secured loans with gold as the security. Granted that it's little more than assembly-line pawnbroker loans at this point, but it does encourage Indian borrowers to think of gold as an alternate money - or point them in that direction.
We're far away from the real thing: gold being used in barter (using gold as money would be counted as barter formally and legally) and loans being made in gold and paid back in gold: in other words, borrowing a 1-oz gold coin and paying that same coin back with an interest charge. But, small steps towards that alternative transaction system are being taken.
And while I'm on the subject: the Indians seems to be a step ahead of everyone else in this area.
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