Yangon Region Gold Entrepreneurs Association develops online gold trading software

With the purpose of trading gold online, Yangon Region Gold Entrepreneurs Association has initiated the creation of software, said YGEA chair U Myo Myint.

 “It is unable to trade gold online, at the present. We’ve just started planning. But, through negotiations with banks, we have now begun developing software that also needs to be approved,” he said.

Currently, YGEA has more than 600 members. When software is available, members won’t need to carry gold or cash for trading but can work through banks and can ensure security and no more problems, he said.

“The Central Bank Law states that if a transaction exceeds K20 million, it must be done through a bank. If the online trading is available we don’t have any difficulty because transactions are made through the bank. We don’t need to carry bags of gold and cash,” he said.

YGEA has ensured that it can start the implementation when the CBM gives the green light to the gold online trading plan.



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