Nothing Gold Can Stay: Royal Mint Cancels Gold-Backed Cryptocurrency Plans

[kreslik.news]

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The plans to create the currency were originally made public all the way back in 2016.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 ... (read more)