UK Royal Mint Plans To Launch Its Own Cryptocurrency
The UK’s Royal Mint is an institution, which is responsible for producing physical money across the UK. It announced about launching its own gold-backed cryptocurrency.
The project is named Royal Mint Gold (RMG). It is a Blockchain based coin, which acts as a digital representation of gold stored in the vault of the Royal Mint.
Recently there was a report, published by the World Gold Council (WGC). There was a comparison between gold and Bitcoin. The document mentioned the crazy growth of Bitcoin in 2017. In any case, the report said that gold still remains as an important asset.
Is Gold More Stable Than Bitcoin?
The Commercial Lead of RMG, Tom Coghill stated that Bitcoin investments appear more uncertain than those in gold. He said:
“Gold has probably had an argument that it’s been a store of value for 6,000 years, bitcoin’s a bit younger and the future of bitcoin is uncertain.”
The Royal Mint Gold project has been revealed back in December 2016. The UK isn’t the first country launching such type of digital currency. Last week, there came a news from Australia, that country plans to develop its own cryptocurrency backed by physical precious metals. The name of refinery is Perth Mint.