UK’s Gold-backed Cryptocurrency Project Halted

The UK Royal Mint announced that they were exploring developing a gold-backed cryptocurrency token back in 2016, however since the announcement, few updates had surfaced. Recently, it was announced that the UK government had order the Royal Mint was ordered to stop all development concerning the potential coin.

The UK government owns the Royal Mint, whose purpose is to produce coins, and back in 2016, it seemed that they were charged with mass production of a gold-backed digital asset called “Royal Mint Gold” (RMG) tokens. There were also plans to establish a hard cap of $1 billion.

The idea of the RMG was to be listed on the CME Group Inc., an American financial market company that operates an options and futures exchange, blockchain-based platform. However, according to a recent report, the partnership has dissolved due to a falling out, which resulted in the delays to the project.

With the partnership on the rocks and eventually breaking apart, this lead to the UK government shutting the project down, as the potential token was left without an exchange to support the coin.

A Mint spokesperson commented that the project was halted due to poor market conditions and would pick up again if the markets turns. However, after the project was stopped, the Mint’s CEO, Anne Jessop has laid off four employees with eight other in the wings.