Perth Mint To Launch Its Own Gold-Backed Cryptocurrency
The Perth Mint is Australia's official bullion mint and wholly owned by the Government of Western Australia wikipedia.
Perth Mint (well known for its succesfull Lunar series) is going to launch its own gold-backed cryptocurrency in the next 12-18 months source.
According to Perth Mint, the introduction of a crypto-gold product would improve accessibility to gold for all consumers as well as making gold investments more secure and transparent.
I do not know if this is the real reason. Buying gold is pretty simple already: Just push the buy button at APMEX. You can even buy with BTC: 2018 Australia 1 oz Gold Lunar Dog BU.
I suspect Perth Mint wants to capitalize on the blockchain hype.
Also, since blockchains are backed by math, they should not need to be backed by anything tangible at all.
Perth Mint is actually owned by the Government, so this will be the first Government backed crypto, backed by gold.
On the positive side, a crypto backed by gold could make the ownership more decentralised and transparent, and perhaps make it more difficult to manipulate the market as J.P. Morgan with silver for instance.
I have no idea how this is going to play out. Stay tuned…
Perhaps, it is back to the gold standard after all.
If it drives the price of PMs up, well that's a good thing. Rest assured, my stack will never reside on a blockchain. It is firmly off the grid.
Just like you @janusface, I don't know what I am feeling about this quite yet. It fist glance it seems like the Australian government just want to release a crypto because it is so popular right now, hoping to make some money doing it. I think we'll be seeing a lot of corporations and governments releasing "useless" cryptos in the future hoping to get some quick money out of it. After all, releasing a cryptocurrency is actually pretty cheap and easy.
On the other hand, it could of course be a nice addition to the other blockchains out there, but 12 months is a long time, and we don't really have any other detail except for the fact that it will be backed by gold, so I'm not sold yet.
It seems like commodity backed cryptos are getting hotter. Just look at Element ASA that are going to release a token backed by their nickel resources. @bitspace has recently partnered with Harmonychain that are aiming at creating several commodity backed cryptos.
Ah, that's pretty interesting. I guess it makes sense to use a blockchain this way, so no one can come and forcefully take away any assets you might own. I think we will see a lot of these in the next few years!
This shows that Govt has now understood the power of blockchain technology and very very desperate now to get it into the fold of govt.
Very interesting! Still, i think i will hold my crypto that is backed by 9 years of "working like a dream," and a few other heavy hitters. And then, I will buy real gold with them... It's an interesting idea though, and for those that like "paper" securities, this may be an upgrade.
I just read this one: https://blog.unocoin.com/steve-wozniak-bitcoin-is-better-than-gold-and-usd-4fdbfcb6e5bb.
Perhaps, that is something Perth Mint is contemplating.
Thx for good info!
The good side of this is that Australia unlike many other countries is not fighting against crypto or warning each citizen (as in Holland and Switzerland) for the risk but tries to step in or in other words get a piece of the action.
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I count on you to bring us the latest updates on this, 12 months from now is too long for me to remember!
A gold-backed crypto certainly sounds interesting!
Yes, I'll try to remember that. 12 months is a loooonng time in crypto land!
I'm sorry to interfere but if really encryption and gold would be so wonderful I would study the subject extensively
We should get someone to create a RemindMe-bot like they got on Reddit. It is so nice to just call the bot to get a notification in X amount of time.
If a govt adopts or create one such crypto coin then it will be a bench mark for all other countries and the crypto segment will further rally massively with this hype once it materializes.
Thank you....steem on and stay blissful....
We are in the crypto space , with the hope of complete decentralization .. projects like ripple and the one you just mentioned above may not last for long as they would always have conflict of interest, hence i do not see them succeeding in the long run
On the brighter side the airport in Brisbane has started accepting cryto as payment that is the sort of progress we would love to see
I cover daily crypto news so if you're into that do give it a read
https://steemit.com/altcoinbuzz/@steemaze/cryptocurrency-news-ripple-with-uphold-crypto-airport-japan-regulation-robinhood
Cheers :)
A non-fiat crypto-currency? The libertarians are going to be weak at the knees.