Royal Mint’s Gold Token Shut Down by the British Government
Royal Mint, the United Kingdom’s coin originator that has deeper roots than a Welsh Oak tree, has come up with a plan to manufacture a gold-based crypto coin. Dubbed the Royal Mint Gold, spectators assumed it will be a tough competitor in the crypto space.
The Royal Mint requested the equivalent amount of $1 billion in to be approved from the Ministry of Finance, to which they replied with a solid rejection. The minting department would have required the use of the British government’s gold possessions in the government’s vault, according to Reuters.
A Mint representative said that the current market status is not allowing the project to be carried out, but at a better time, the issue will be reopened for discussion.
The evolution of the project started when the Royal Mint wanted to list the tokens on Chicago Mercantile Exchange or CME, the American financial company regulating the biggest BTC markets. However, the American company repudiated it a heartbeat before the launch, which put the Royal Mint in a hurried position to save its investment by finding another cryptocurrency exchange listing which the government deemed potentially hazardous for all the British parties involved.
The Mint’s project was killed at the hands of Anna Jessop, the chief executive officer, after the rejection. In turn, four of the Mint’s staff had to be let go along with another seven to eight employees who became redundant.
The Royal Mint Gold token would have been among the 1% of cryptocurrencies, with a $1 billion valuation. RMG would have been one step behind ETC and NEO.
Since the launch of BT futures in December 2017, CME has witnessed a slight yet developing growth in the market volumes and it might be the comedown assigned to this promising asset class.