RATE Group | Royal Mint Cancels Gold-Backed Cryptocurrency Plans
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Royal Mint Cancels Gold-Backed Cryptocurrency Plans

26 Oct Royal Mint Cancels Gold-Backed Cryptocurrency Plans

Posted at 11:35h in Cryptocurrency News by

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Reuters reported on October 25th that the institution responsible for printing coins for circulation throughout the UK, Her Majesty’s Royal Mint, has canceled plans to launch a gold-back cryptocurrency following the government’s decision to veto the project.

The plans to create the currency were originally made public all the way back in 2016. According to those now-defunct plans, the Royal Mint was going to issue as much as $1 billion worth of the virtual tokens, also known as Royal Mint Gold (RMG.) RMG was to be traded on a blockchain platform created and operated by the Chicago Mercantile Exchange (CME.) The RMG wallet was to be developed by blockchain security company BitGo.

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RMG was being developed as an efficient and simple way for investors to purchase and exchange the physical gold held by the Royal Mint, and to act as a new stream of revenue for the institution.

The original launch date for the tokens was set for fall of 2017, and was later…

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