Wednesday, January 31, 2018

UK joins Australia in having their sovereign mints create gold backed cryptocurrencies

Last week, Australia's Perth Mint announced they were in the process of creating a gold backed cryptocurrency to help aid in sales of the precious metal, and to become a part of the Blockchain phenomenon that is sweeping across the financial landscape.

Now on Jan. 31 we can add the UK's Royal Mint to this growing trend as the department that takes care of Britain's money is also planning to forge its own gold backed cryptocurrency.

The body responsible for providing the UK with all the physical money they have in circulation, the Royal Mint, have launched their own cryptocurrency. It’s called Royal Mint Gold (RMG) and the idea behind it is to provide a safe, secure, cheap, and convenient way for people to hold gold as an investment. 
In an interview with the UK’s Express newspaper, Tom Coghill of the Royal Mint’s RMG sector stated: 
“We already sell physical gold through our Royal Mint Bullion business and we sell coins and bars. In this sense what we’re doing here is simply making that a digital business and allowing for our clients to be able to hold gold for the first time on a blockchain basis. The difference between what we’re doing and what other crypto digital assets is that we’re a physical tangible asset. One gram on our blockchain represents one gram physically in our vault. So it’s real gold you’re holding when you’re holding our RMG.” – BTC News
With so many gold backed cryptocurrencies sprouting up all over the map these days, one has to wonder if the competition will not be between resource and unbacked cryptos, but rather between privately created gold backed ones vs. those now being forged by sovereign governments. 

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