A new gold-backed crypto is due to be launched by Australia's largest gold refinery after the chief executive announced plans to increase gold investment in the country.
Mining company Perth Mint said they hope to capitalize on increased trading of digital currencies as a way to help boost interest in investing in Australia.
Several crypto-coins have become popular over the last 12 months. Richard Hayes, CEO of Perth Mint, said: "I believe that as uncertainties in the global financial market increase, people will seek alternative investments".
"We are seeing this huge flow of money going to Bitcoin because people are looking for something outside traditional investments".
He added that the proposal to create a new crypto-currency "would bring investors back to precious metals after a boom in crypto-currency investments".
Bitcoin is the leading cryptomeo, and since it was first launched in 2009, it has appreciated strongly and hit a record high of more than $ 17,000 (£ 12,000) in December 2017.
Hayes argued that the decision of mining company Perth Mint to develop a criptomoeda with gold ballast will help increase price stability for those who invest in "digital money".
He said that this would mean that people can trust that crypto is really grounded in something physical.
"So you have all the benefits of something that's in a distributed account book that sets in very, very quickly, which is easy to negotiate, but it's really backed by precious metals, there's something supportive, something supportive".
Very interesting topic, lets watch what will happen, thank you for the share.
@tradewolf, you are very welcome!