DEFINITION of 'Digital Gold Currency - DGC'
An electronic, private currency backed by gold bullion. Companies that provide digital gold currency make it possible for people to own gold and to pay each other online in gold. Digital gold provides the same protection against inflation as gold bars or certificates, but is more secure and convenient to store.
BREAKING DOWN 'Digital Gold Currency - DGC'
Another advantage is that digital gold can be purchased in any amount, whereas bars or coins only come in predetermined amounts. Digital gold is not a viable way to pay most businesses for products and services, however.
In a digital gold currency account, account balances and transactions are denominated by weight. GoldMoney, established in 2001, is one company that offers digital gold currency.