Royal Mint, the institution that is responsible for supplying the UK with all the physical money have ventured into the cryptocurrency world. They have launched their own cryptocurrency called Royal Mint Gold (RMG). With Royal Mint Gold (RMG currency), they aim to provide people with a safe, secure, cheap and convenient way for people to hold gold as an investment.
During an interview with UK’s Express newspaper, Tom Coghill of Royal Mint Gold (RMG currency ) sector states:
“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.”
What they are really doing is using the blockchain to store and track who owns the gold. This is not really that revolutionary.
Coghill goes on to throw an argument that is overused by people around the gold industry when they are trying to defend the value of the most precious metal. According to him, the fact that gold has been used to store value for over 6, 000 years it’s a better investment than Bitcoin or any other cryptocurrency.
UK’s Royal mint isn’t alone in this space as Perth Mint of Australia is also undertaking a similar venture. The institutions Chief Executive, Richard Hayes, speaking to the Express says;
“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.”
Tell us in the comment section below what you think of Royal Mint Gold (RMG currency ) as a cryptocurrency?