Australian Mint Develops Crypto Gold

The Perth Mint intends to restore investor interest in precious metals. For this purpose, the company is developing a gold-backed cryptocurrency. Holders of crypto gold will receive all the benefits of blockchain transactions, but at the same time they will be confident that their savings have a certain material value.

The Perth Mint is considered one of the oldest mints in Australia. Perth Mint has the capacity to process more than 700 tonnes of gold per year. However, this does not stop him from testing new technologies. Today, the company is developing a cryptocurrency backed by gold and other precious metals.

“On the one hand, thanks to crypto gold and crypto precious metals, clients will be able to quickly and easily make transactions using the capabilities of blockchain technology. At the same time, the currency has real backing, so there is still something behind it,” explained the head of the Mint, Richard Hayes.

Crypto gold will attract investors to the precious metals market, Hayes is sure. Gold collateral will also instill confidence in investors who were previously wary of entering the crypto market. “If precious metals provide blockchain-based currency, then we get intrinsic value. In the case of ether and bitcoin, there is no intrinsic value - it is determined only by the faith of people,” said the director of the Mint.

Perth Mint will also use blockchain to track gold from where it is mined to the end consumer. The new platform is planned to be launched in the next 12-18 months.

The Australian Mint was not the first enterprise that decided to combine the advantages of cryptocurrency and precious metal. In May, Dubai IT company OneGram, together with online gold trading platform GoldGuard, launched the OneGramCoin cryptocurrency, which is equivalent to one gram of gold.

According to https://m.hightech.fm