The largest gold refinery Australia plans to launch a cryptocurrency backed by gold

The largest gold refinery Australia plans to launch a cryptocurrency backed by gold

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.

Perth Mint, the largest refinery in Australia with a processing performance of more than 700 tons of gold per year. A mass Exodus of investors in the alternative area of investment (cryptocurrency like bitcoin) in recent years has pushed refinery, which is ironic, to create their own cryptocurrency for a renewed focus on precious metals.

The company is developing a cryptocurrency backed by gold, whose name has not yet been determined. This currency will be used for the purchase and sale of kriptonyte on the blockchain.

In an interview with the head of the company Richard Hayes stressed the “massive outflow of funds in the bitcoin and others like him” when investors leave the traditional safe-haven assets. According to him, cryptocurrency backed by gold, traded on the blockchain, has its advantages.

He said:

“It will have all the benefits of using a distributed registry, which is very fast, and it’s the simplicity of trade. But it will also be backed by precious metals, so our cryptocurrency would really be something.”

The head also stressed that the company is interested in implementation of blockchain technology to private operators. A possible option would be the use to include the entire supply chain of gold bars tracked from point of extraction through its sale to the consumer. It will all be tracked and recorded in a secure transparent blockchain.

The attempt of involving the plant in the industry cryptocurrency and blockchain technology emerged a year after the UK Treasury announced its own “offer of digital gold,” when customers can buy, store and sell gold instantly through the blockchain using a digital token called Royal Mint Gold (RMG). Trading blockchain platform was developed in conjunction with bitcoin startup BitGo. Traders were attracted due to $ 1 billion in gold bullion that is reserved in the vaults of the Royal Mint near Cardiff in Wales.

By and large, the Perth Mint is considering the proposal as a new platform for the sale of gold. “We without any reason trying to simplify your life to ensure people have access to precious metals,” added Hayes. “This is one of the ways of their acquisition”.

The head of the company expects that the offer cryptocurrency tokens backed by gold, will begin in 12-18 months.

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