Thursday, August 10, 2017

Company in the UK gets green light to turn gold into currency for use in everyday transactions

While 2017 has seen numerous blockchain companies launched to created a myriad of gold-backed cryptocurrencies, one business in the UK wants to take this even further by turning gold into a currency where it can be used in everyday monetary and retail transactions.

On Aug. 10, a company called Glint announced that they had received approval from sovereign agencies in the financial services arena to begin implementing physical gold deposits as a currency and legal tender, which can be spent and saved through special accounts and an online application.

The same week an analyst told CNBC gold “has never been used as a currency,” a UK-basedstartup is attempting to make it do just that. 
Like the growing number of startups dedicated to making Bitcoin function as a day-to-day means of transacting, Glint hopes to allow consumers to effectively perform point-of-sale transactions in gold. 
“There will be surges where digital assets will go up several times and then there will be a bubble when a genius would switch to gold. We’re on the cusp of it,” a post on the company’s blog last month writes quoting investment fund officer Charlie Morris. 
While few concrete details are known about how Glint will operate once it launches at the end of 2017, it describes its offering as “a new global currency, account and app.” 
As TechCrunch notes,  the premise behind the idea may be simple in that gold is traditionally stable long-term, allowing users to benefit from reduced exposure to centralized fiat controls or Bitcoin volatility. 
Glint has already been given the green light to operate in the UK by the country’s Financial Services Authority. - Coin Telegraph

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