Royal Mint’s Gold-Pegged Cryptocurrency Shelved

  • Alex Dovbnya
    📰 News

    The UK’s Royal Mint announced its plans to issue a gold-pegged cryptocurrency Royal Mint Gold (RMG) stored in this institution, but project hit regulatory roadblocks

Royal Mint’s Gold-Pegged Cryptocurrency Shelved
Cover image via u.today

Back in 2016, the UK’s Royal Mint, the place where all of the country’s physical money is made, announced its plans to issue a gold-pegged cryptocurrency Royal Mint Gold (RMG) that would serve as a digital representation of precious metals stored in this institution. However, according to Reuters, the project hit regulatory roadblocksthe UK government vetoed a plan to list the token on a digital asset exchange.

The token was supposed to be launched in cooperation with the CME Group. The company backpedaled after a major management reshuffle that allegedly led to a dwindling interest in digital assets.   

One of the Mint representatives reveals that they may “revisit” the idea in the future. Meanwhile, a lot of similar projects are being launched with first ever Sharia-compliant cryptocurrency pegged to physical gold.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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