We have all heard about gold-backed cryptocurrencies by now. Companies like DigixGlobal and AurumCoin all have a token backed by precious metals. But there is one that interests me most as an English man, and that is RMG or Royal Mint Gold. The Royal Mint will be releasing a blockchain token backed by its own vaulted gold supply. What I find interesting about this is that The Mint is a government owned company and so also owned my the people. This makes RMG the UK's first official cryptocurrecy. It does not however make RMG the first legal tender cryptocurrency but it is still pretty cool.
RMG is an alternative way to invest in and trade physical gold.
It aims to provide the investment performance of the London Gold Market with the transparency of an exchange-traded asset. Each RMG represents direct ownership of 1g of fine gold, held in the form of segregated London Bullion Market Association (LBMA) Good Delivery bars and smaller gold bars
With partnerships like BitGo, Civic and CMEGroup, this looks to be a major player in the new digital gold market.
The idea of having a gold backed cryptocurrency seems to growing in popularity as many still believe that cryptocurrencies have no value. The important think to note is that this is NOT a gold-backed cryptocurrency, its is a digital IOU for a gram of gold. It is a digitized version of the original idea behind paper money without a banks involvement.
This new RMG token could be the governments way of testing out a digital currency and the technology behind it before they implement their own sovereign backed digital currency.
It does appear that UK is taking cryptocurrency seriously
