The UK government forbids the Royal Mint to issue a gold-backed token, according to Reuters.
Royal Mint announced a project to issue digital gold tokens worth $1 billion called Royal Mint Gold (RMG) for the first time in 2016. The cryptocurrency was to be sold on the Blockchain platform managed by U.S. exchange CME.
The project was supposed to provide an easy way for investors to buy and trade the physical gold held in the Royal Mint’s vaults and to get an additional source of income for the Royal Mint.
Reuters sources also report that “CME’s management changed, and they walked away, didn’t want to get involved.” It seems that the new exchange management is not particularly enthusiastic about digital assets, despite the fact that CME was one of the first to launch Bitcoin (Bitcoin) futures contracts last year.
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