The Royal mint of great Britain, which is responsible for the production of all the physical money in circulation in the country, announced the launch of its cryptocurrency with gold backing.
Coin based on the blockchain technology, called the Royal Mint Gold (RMG) is the digital equivalent of gold, which is stored in the repository of the Royal mint.
Commercial Director of the Royal mint Tom Coghill, in an interview with Express.co.uk said:
“The Royal mint is the first company that allows customers to keep assets secured by gold on the blockchain”.
Coghill explained that the coin, Royal Mint Gold backed by physical asset. One token of the new cryptocurrency will always be equal to 1 gram of physical gold into the vault:
“When you hold our RMG, you hold real gold”.
In a recent report published by the world gold Council (World Gold Council /WGC), compared bitcoin with gold. It was reported that, while bitcoin showed the higher growth of the cost in 2017, gold will remain the basis for valuable investment.
The representative of the Royal mint argues that investment in bitcoin is more uncertain than investment in gold:
“Gold is the reason that it will retain its value the next 6000 years, and bitcoin is a bit younger and the future of cryptocurrency in General is uncertain”.
The RMG project was first presented by the Royal mint in December 2016.
The UK is not the only country that created a cryptocurrency backed by gold. Last week we reported that a major Australian processing plant precious metals Perth Mint is developing its own cryptocurrency backed by gold, in an attempt to attract customers to invest in gold.