Perth Mint, Australia's main precious metal refinery, is developing its own gold-backed cryptocurrency to attract consumers to reinvest in gold.
Perth Mint annual processing capacity of more than 700 tons, is Australia's largest alchemist. In recent years, investors have turned to new, alternative investments in cryptocurrencies, such as bitcoin, triggering the irony of refiners - turning their cryptocurrencies to focus on precious metals.
ABC News said the company is developing an unnamed, cryptocurrency backed by gold that will also be used to buy and sell crypto gold on the blockchain.
Chief executive Richard Hayes said in his article: "Investors deviate from traditional safe-haven assets, so a lot of money flows into Bitcoin." He believes that cryptocurrencies backed by gold on the blockchain have their own merits.
He said:
So it will have all the benefits of everything on the distributed ledger, which is fast to trade and easy to trade, but is actually backed by precious metals, so there's actually something that supports it.
In addition, executives also stressed the company is interested in implementing blockchain technology on its own carriers. A possible application could see the entire supply chain going from mining sites back to a bullion sold to consumers - tracked and recorded in a constant, transparent blockchain.
After the British Ministry of Finance announced its "digital gold product," refiners have been in cryptocurrency and blockchain technology for more than a year, consumers will be able to immediately pass digital tokens known as Royal Mint Gold (RMG) Blockchains buy, hold and sell gold). The blockchain trading platform, jointly developed by BitGo startup BitGo, facilitates the $ 1 billion bullion bar kept by the Royal Mint near Cardiff, Wales.
Finally, the Perth Mint sees the product as another platform for selling gold. Hayes added: "Of course we try to make it easier and easier for people to get the precious metal." "It's just another way for them to do this."
The executive expects to provide gold-backed crypto currency tokens in the next 12 to 18 months.
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