Bitcoin, Crypto currency, Blockchain

UK: government issue of gold says covered, crypto currency, Royal Mint Gold

c2858cb6daca2c540b6ab789e438f8ca - UK: government issue of gold says covered, crypto currency, Royal Mint Gold

On Thursday, the 25. October, announced the Royal Mint, the project “Royal Mint Gold”. The Royal Mint Gold (RMG) is a Gold-covered Stable Coin. Debt Reuters , the CME, and the British government. After the partnership between CME and the Royal Mint has burst, the government, the Royal Mints said the alternative plan, the RMG on a crypto exchange.

The more than 1,000-year-old Royal Mint is the Kingdom of the mint of the United Kingdom and is 100 percent owned by the government. Together with the U.S. exchange group CME announced in 2016, with a Blockchain for the gold trade to develop. The Token of this Blockchain, the Royal Mint Gold (RMG), should be covered by the Royal Mint stored Gold. At that time, the publisher suggested, “gold token” with a value of up to a billion dollars to spend. However, CME withdrew shortly before the fall of 2017, the scheduled Start according to Reports, in the last Minute. That is why the Royal Mint wanted to bring the Token alternatively together with a crypto-exchange on the market. However, the British Ministry of Finance saw the project as too risky to their own credibility and the prohibition of the partnership.

Gold token of other countries, and stablecoins

For the reasons of the failure of the Royal Mint market gave conditions:

“Unfortunately, this was at the time, due to the market conditions is not possible, we will make it but re-evaluate when and if the market conditions are suitable.”

CME is no concrete reasons. Although it should have according to Reports, a “change in Strategy” and digitisation was entpriorisiert, however, denies CME this and says:

“It is not correct to say that we have entpriorisiert digitisation and continue to pursue our digitization strategy.”

Entpriorisierung or not, other countries to hold their crypto-Gold-plans. Including the Royal Canadian Mint or Australia’s Perth Mint. However, does the Central Bank of Australia has no need for a crypto-based Australian dollars.

The future of (public) crypto-currencies

In retrospect, one could gain the impression that all governments were at the same time, interest in national crypto-currencies. Conversely, one might speculate, therefore, a similar group-think at the beginning lack of interest. Such as Canada and partly Australia show, this is not the case currently, at least. Because the true reasons for the Failure of the RMG are open. If there are actually “market conditions”, one can assume that it is only temporary, and the British token the Gold again someday “re-evaluate”. There are, however, fundamental reasons such as. technical inefficiency, this could allow other governments to reconsider their attitude to (government) crypto-currencies.

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