The Perth Mint is taking a currency that's been physically traded for centuries into the digital age.
The Mint recently revealed its digital coin, the "Perth Mint Gold Token" – a cryptocurrency like Bitcoin, only it's tied to a real commodity in a real vault.
The digital currency can be converted into cash using an app. The mint will certify its value and can even deliver the physical product to user's door.
The currency relies on block chain technology for security. Block chain is computer code allowing instantaneous transactions on an online network without any middlemen, like banks.
Every computer in the network records the transaction, effectively making it public. Strong computer codes mean the transaction can't be altered and digital money can't be stolen.
The Mint, which is one of Western Australia's oldest institutions – is state owned. Which means if these new tokens prove successful, it will pay dividends for West Aussie taxpayers.
