Cash payments for gold transactions are becoming a thing of the past

In order to prevent fraud and informal transactions in the gold market, the "Precious Metal Tracking System" (KMTS) will be launched by the General Directorate of the Mint and Stamp Printing House. Thanks to the application, which is planned to be put into effect in April, all gold in the market will be marked with special labels and will be traceable.

Burak Yakın, President of the Jewelers Exporters Association, one of the representatives of the jewelry sector, shared the details of the new regulation with journalists at a fair held in Antalya. Yakın stated, "The Mint will provide labels, and only products with these labels will be produced legally. Every gold product will have a number, and from this number, it will be possible to determine which country and which company the product belongs to. All gold, from one gram to one kilogram, will be covered by the system."

CREDIT CARD AND IBAN ERA BEGINS

With the KMTS, the source of gold will be recorded, and sellers will be obliged to issue invoices for every gold transaction. All payments will be made through banking channels; the use of cash will end completely. Thus, citizens who want to buy gold at a jewelry store will only be able to make their payments via credit card or IBAN.

In addition, those who want to buy a house and have gold savings in the bank will also have to present a declaration document for their gold for their transactions. No transactions will be made in banks for gold that is not presented.

With this new system, it is aimed to both combat fraud in gold and reduce informality in the economy. Sector representatives state that market control will be much easier with labeled gold sales.

News Source: 12punto