GB Royal Mint to Issue Own Cryptocurrency
February 2, 2018
Royal Mint, the office carrying out emission of all British physical money, has claimed it started developing its own gold-backed digital currency.
The Blockchain-based coin was called Royal Mint Gold (RMG). It represents a digital gold equivalent with gold reserves stored in depository of the institution. Single RMG coin is supposed to cost as much as one gram of precious metal.
As Tom Coghill, RMG’s Commercial Lead, Royal Mint is the first institution to offer its clients holding gold-backed assets at Blockchain.
“It’s real gold you’re holding when you’re holding our RMG”, he added.
World Gold Council has released a report recently which compared gold and Bitcoin. The authors claim, gold remains the primary investment target despite striking Bitcoin rate growth last year.
Coghill believes, investing in gold is much more secure and safe than Bitcoin.
“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”.
It is to be noted that the idea of RMG was first suggested by Royal Mint in December 2016.