UK Government Suspends Plans for Digital Gold Token

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

Latest reports reveal, Royal Mint all set to launch a cryptocurrency backed by gold, seems quite disappointing as it was not expected.

Though the hope to realize this project is still alive, due to such a delay, the United Kingdom will lose the position of a pioneer that it should have had if the Royal Mint had managed to fulfill its first plan to issue its gold-backed coins in time. The project was to have issued digital gold tokens valued at $1 billion.

According to Reuters, UK-based Royal Mint has ended its plans to launch a crypto asset that represents physical gold holdings. As a result, the United Kingdom government vetoed plans to continue with the project, effectively ending efforts to develop a Royal Mint Gold cryptocurrency.

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.

Royal Mint Gold was to launch in the autumn of 2017, but CME decided at the last minute to pull out, leaving the Mint without a trading venue, sources said.

The sources claimed that CME's exit reflects its broader "cooling of enthusiasm towards digital assets", notwithstanding the fact that the platform was among the first to launch Bitcoin ( BTC ) futures contracts past year.

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RMG was being developed as an efficient and simple way for investors to purchase and exchange the physical gold held by the Royal Mint, and to act as a new stream of revenue for the institution.

A source told the Reuters news agency: "CME's management changed and they walked away, didn't want to get involved".

The Royal Mint is quoted by Reuters as saying that "sadly, due to market conditions this did not prove possible at this time, but we will revisit this if and when market conditions are right".

"It is not correct to say we have "de-emphasised" digitization and remain committed to pursuing our digitization strategy". The company had plans to issue RMG tokens worth up to $1 billion on a cryptocurrency trading platform run by the CME Group.

The Mint's efforts to save the project by collaborating with a crypto exchange were further quashed by the country's finance ministry earlier this year.

A request for comment to CME was not immediately returned.

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