The Royal Mint to Introduce Gold Backed Blockchain Assets

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Bitcoin has come to be known as “digital gold” for having many properties similar to that of the yellow metal. Now, Bitcoin’s underlying technology is being adopted by the Royal Mint— Britain’s coin maker to enable trading. Unlike Bitcoin, gold is a physical asset and not so easily divisible when it comes to smaller values. Imagine carrying out transactions with minute quantities of gold for daily expenses, got the idea?

By tokenizing the precious metal using blockchain assets, it is quite possible to indirectly use gold for transactions, just like Bitcoin or any other cryptocurrency. Now, the same principle is being applied by the Royal Mint in association with a US based derivatives trading platform, CME Group. The concept sounds similar to few existing gold-backed DAO cryptocurrency platforms. However, this time it is being created by one of the trusted institutions of Her Majesty’s government.

The tokens which will be known as Royal Mint Gold or RMG will be made available along with the trading platform sometime in the year 2017. The main intention behind this initiative is to cut the costs involved in gold trading, reports one of the business news outlets. Each RMG issued by the Royal

Read more ... source: NewsBTC USA

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