Wednesday, January 24, 2018

Australia's Perth Mint becomes the next entity to create a gold backed cryptocurrency

One of the world's largest mints has decided to dip their feet into the realm of cryptocurrencies by announcing the plans for the creation of a gold backed cryptocurrency.

On Jan. 23, Australia's Perth Mint reported that they are hitching onto the wave of Blockchain technology for their gold products through the creation of a gold backed cryptocurrency in the hopes of making gold purchasing more efficient and more transparent.

Australia's biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals. 
The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold. 
The mint also plans to make use of blockchain technology, first used as the core component of the digital currency Bitcoin, where it works as a public ledger for transactions. 
For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity, according to chief executive Richard Hayes. 
"I think as the world moves through times of increasing uncertainty, you're seeing people look for alternate offerings," he said. 
Most digital currencies have no physical backing and are transferred from peer to peer, via a computer. 
Mr Hayes said that made the prospect of offering a crypto-gold product even more exciting and possibly a world first. 
He said the aim was to provide a transparent offering that would allow investors to buy and sell with confidence, knowing the products they were buying were completely traceable. - ABC

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