Category Archives: Government Adoption

2 cellphones using goldpass

Gold Mints & Miners Embracing Blockchain

The gold industry is looking into the possibility of tracking the precious metal using blockchain. The Perth Mint is already working with the London Bullion Market Association (LBMA) and two or three other parties to work out which technology is the best and if the gold industry will adopt it. Blockchain is best known as the basis of cryptocurrencies such as bitcoin. But it has many other potential applications such as securing digital contracts and supply chain data. The technology allows a publicly available, tamper-proof, traceable record of digital transactions that can be automatically logged…Read More

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russian military holding guns

Russian Gold-Backed Cryptocurrency May Be Used For Weapons Sales

Russian lawmaker Vladimir Gutenev, in an interview with the country’s Tass news agency suggested Russia should use gold-backed cryptocurrencies for collecting money from its export of weapons. The lawmaker said Russia should “consider the possibility of conducting transactions in cryptocurrencies that are linked to the value of gold.” Such a move could allow Russia to sidestep attempts by the U.S., whose sanctions prevent or limit the trade of Russian arms and various other goods. With regard to conducting transactions in cryptocurrencies with specific countries, Gutenev mentioned: “And I’m sure that this will be a very…Read More

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Russia Gold Vault

Gold Backed Money Based On Blockchain is Coming

Countries are going to begin using digital gold-blockchain monies. Blockchain is fast, efficient and transparent. Governments can collect taxes directly on-chain with a centralized core, but distributed ledger. You’ll spend money on a debit card like you do now, it will be very similar, you won’t tell the difference in the way it spends. Russia and China have been buying large amounts of gold and silver recently. Countries such as Germany, Netherlands, Hungry, Turkey and others have recalled all gold stored abroad. Look at bank balance sheets – JPMorgan has over 137 million ounces of…Read More

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perth bars and mint coins

Cryptocurrency backed by gold being developed by Perth Mint

Australia’s biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals. The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold. AUDIO: Perth Mint chief executive Richard Hayes talks about plans to develop a crypto-gold product (ABC News) The mint also plans to make use of blockchain technology, first used as the core component of the digital currency Bitcoin, where it works as a public ledger for transactions. In the 10 years since its inception, blockchain has been used to track transactions in industries…Read More

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Queen of England in Gold Vault

UK’s Royal Mint Launches Gold-Backed Cryptocurrency

The UK’s Royal Mint, the institution responsible for producing all the physical money the country has for circulation, has announced the launch of its own gold-backed cryptocurrency. The Blockchain-based coin, called Royal Mint Gold (RMG), is a digital representation of gold stored in The Royal Mint vault. The Royal Mint Bullion, the Royal Mint company that sells physical gold, is the first company to allow customers to hold gold-backed assets on Blockchain, Tom Coghill, RMG’s Commercial Lead, stated in an interview with Express.co.uk. Coghill also mentioned that one RMG coin is equal to one gram of gold, adding that “it’s real gold…Read More

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