THELOGICALINDIAN - The anatomy amenable for accouterment the UK with all the concrete money they accept in apportionment the Royal Mint accept launched their own cryptocurrency Its alleged Royal Mint Gold RMG and the abstraction abaft it is to accommodate a safe defended bargain and acceptable way for bodies to authority gold as an investment
In an account with the UK’s Express newspaper, Tom Coghill of the Royal Mint’s RMG area stated:
“We already advertise concrete gold through our Royal Mint Bullion business and we advertise bill and bars. In this faculty what we’re accomplishing actuality is artlessly authoritative that a agenda business and acceptance for our audience to be able to authority gold for the aboriginal time on a blockchain basis. The aberration amid what we’re accomplishing and what added crypto agenda assets is that we’re a concrete actual asset. One gram on our blockchain represents one gram physically in our vault. So it’s absolute gold you’re captivation back you’re captivation our RMG.”
Essentially, what the Royal Mint are accomplishing is autumn gold for bodies and tracking who owns it application a blockchain. It’s absolutely not all that revolutionary.
Coghill went on to amble out a annoyed altercation that abounding gold bugs await on back arresting the amount hypothesis of the planet’s best broadly admired adored metal. For him, the actuality that bodies accept been application gold to abundance amount for over 6,000 years makes it a bigger advance than Bitcoin or added cryptocurrencies. However, what seems aberrant is that RMG provides a way for folk to “own” gold but the Royal Mint abide the babysitter of the bullion. Abounding who appetite to advance in gold do so because they abhorrence a massive breakdown in association would cede money abortive and in which case, gold would be a acceptable apparatus for bargain in the abode of cash. In such a scenario, is the Royal Mint absolutely activity to dishing concrete metal out in barter for RMG tokens? It seems doubtful…
The UK isn’t abandoned in their conception of a gold-backed cryptocurrency. In Australia, the Perth Mint claims to be accomplishing article similar. Richard Hayes, the Chief Executive there told the Express:
“I anticipate as the apple moves through times of accretion uncertainty, you’re seeing bodies attending for alternating offerings… And you’re seeing this massive breeze of funds into the brand of Bitcoin at the moment because bodies are attractive for article alfresco of the acceptable investments.”
