Perth mint plans to issue gold-backed tokens

Major Australian refinery, Perth mint, is developing a gold-backed cryptocurrency in order to attract people to invest in precious metals.

According to ABC News, the company is in the process of development yet to be named cryptocurrency that will be used for the purchase and sale of kriptonyte in the blockchain. Plant Director Richard Hayes (Richard Hayes) stressed the «massive influx of capital in cryptocurrencies such as bitcoin,» and the withdrawal of investors from investing in traditional safe assets. In his opinion, bitcoin-based blockchain has its advantages. He said:

«She can have all the benefits that provides a distributed registry, such as fast calculations and operational trade. It will be backed by precious metals, and this means that it really has value.»

The President also stressed that the company is interested in implementing the technology of the blockchain in their work. As a possible application is the creation of supply chains of gold bullion on the blockchain, which will track the movement of goods from production to the end customer.

A year ago the British Ministry of Finance announced
about the project, in which consumers can buy, store and sell gold through the blockchain via a digital token, called the Royal Mint Gold (RMG). Trading blockchain platform was developed in conjunction with startup BitGo to facilitate trade in gold bullion on the $ 1 billion earmarked in the vaults of the Royal mint near Cardiff in Wales.

Perth mint is positioning its offer as yet another platform for the sale of gold.

«We try to simplify people’s access to precious metals,» added Hayes. The President of the company expects that the tokens are backed by gold, will be available in the next 12-18 months.

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