I came across on the internet based online transaction called e-dinar facility which is based in Labuan?...Labuan?? Malaysia!??...what on the earth nobody knows about it??
All this while we just know to buy and later on to pawn it....
This is the one Dr. Mahathir refering to, multilateral or bilateral trading which back up by gold and silver.
Some info I dug from http://www.e-dinar.com/
e-dinar is the name of an internet based electronic payment and exchange system that facilitates online transactions 100% backed by physical gold and silver.
e-dinar and e-dirham are the electronic units used within the e-dinar system.
Each e-dinar electronic unit corresponds to an exact, fixed weight of 4.25 grams of pure 24k gold. Each e-dirham corresponds to an exact, fixed weight of 3 grams of .999 silver. These units are infinitely divisible thus allowing large as well as very small transactions.
The physical gold and silver bullion backing e-dinar and e-dirham units are always equivalent or larger than all electronic e-dinar and e-dirham in circulation. The physical gold and silver bullion is held securely in internationally renowned bullion repositories.
Transactions are executed using e-dinar and e-dirham units and, as a rule, do not result in physical movement of gold or silver in the bullion repository. The exception are large transactions of at least 150'000.- USD where gold bars are physically moved between pallets.
Account holders always have the option to exchange their e-dinars an e-dirhams into any major national currency or redeem them and take physical possession of an equivalent amount of gold dinar and silver dirham.
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