Royal Mint's Gold-Pegged Cryptocurrency Shelved

The Daily Royal Mint Drops Digital Gold Malta Issues Warning About Trading Platform

The Daily 1 day ago | By Lubomir Tassev

However, when the scheduled release date in autumn of 2017 was nearing, the CME Group chose to pull out.

However, the CME backed out of the partnership just prior to the scheduled launch date late past year, delaying the project and forcing the Mint to pursue a cryptocurrency exchange listing to save the venture.

The project would have been the first time a government of a developed economy had become directly involved with a crypto currency exchange, analysts and traders said.

The UK Royal Mint has shuttered its long-running plans to create a digital gold crypto token. These would then have been available to trade on cryptocurrency exchanges, and had been seen by some commentators as the initial tentative steps towards a more central role for cryptocurrency in mainstream finance. One of the unnamed sources purported that "CME's management changed, and they walked away, didn't want to get involved".

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According to Reuters, The Royal Mint tried to find another partner for the project earlier this year.

The Royal Mint reportedly attempted to continue the project early this year via a new partnership with an unidentified cryptocurrency exchange.

A Treasury spokesman referred Reuters' questions to the Mint.

Governments are wary of cryptocurrencies, and few global standards have emerged to tame extreme price volatility, regular thefts from exchanges and the risk that digital currencies could be used to launder money or finance terrorism.

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As reported, the U.K government does not broadly regulate crypto or crypto exchanges, except for certain derivatives such as crypto-based Contract For Differences (CFDs).

With several startups and other mints working on similar projects, the decision could now leave the United Kingdom and the Royal Mint trailing behind, effectively destroying its chances of creating a new multi-billion dollar asset class. Her Majesty's Royal Mint is the institution responsible for producing physical coins for circulation in Britain. The Royal Mint also believed the blockchain platform RMG was based on could be used to track and prove a piece of gold's provenance, as well as support global trades.

However, CME was one of the first companies to launch bitcoin futures trading on its platform previous year; according to Reuters, CME's venture capital sector has also invested in a number of digital assets startups.

But CME's priorities shifted after CEO Phupinder Gill retired in late 2016 and Sandra Ro, CME's head of digitisation, left in July 2017, sources said.

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"It is not correct to say we have "de-emphasised" digitization and remain committed to pursuing our digitization strategy".

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