The body responsible for providing the UK with all the physical money they have in circulation, the Royal Mint, have launched their own cryptocurrency. It’s called Royal Mint Gold (RMG) and the idea behind it is to provide a safe, secure, cheap, and convenient way for people to hold gold as an investment.
“We already sell physical gold through our Royal Mint Bullion business and we sell coins and bars. In this sense what we’re doing here is simply making that a digital business and allowing for our clients to be able to hold gold for the first time on a blockchain basis. The difference between what we’re doing and what other crypto digital assets is that we’re a physical tangible asset. One gram on our blockchain represents one gram physically in our vault. So it’s real gold you’re holding when you’re holding our RMG.”
“I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings… And you’re seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”
https://www.newsbtc.com/2018/01/31/uks-royal-mint-create-gold-backed-cryptocurrency/
Step aside bitcoin! Your days as a store of value are numbered. This would ultimately kill USDT as well.
Finally a crypto actually tied to a physical commodity that has been a symbol of wealth since... ever.
Whether or not you could then exchange your RMG for physical gold is yet to be determined.
Resteem for awareness!
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Perhaps this will be something my friends and family that are skeptical about cryptocurrency might be interested in? I hope so.
Absolutely! But i would be cautious if they dont offer physical gold in exchange for the coins.
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I have heard of another ico in Philippines or something that is doing the same thing only apparently they will send you the physical gold if you request it. This is something I think that would need to be a mandatory option if I I were to invest in it. That would be the only way to verify this company short of going to the vault and physically counting the gold... Nice post, will have to do some investigating. Crypto Randy