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UK Authorities Cancel Release Of "Gold" Tokens

08:17 26/10/2018

The Royal Mint of Great Britain temporarily halted the project for the release of "gold" tokens, Reuters reports referring to its sources.


After the partnership agreement with CME Group was not concluded and the government canceled its decision to trade tokens on the company’s digital platform, the issuance of “gold” tokens was also canceled.


Since other states and digital startups study and develop gold-pegged tokens, the likelihood that the Royal Mint will take the lead in this sphere decreases significantly.


In 2016, The Royal Mint announced its intention to cooperate with the blockchain platform, founded by CME Group, stressing that it would facilitate the trading of real gold on the crypto exchange under a simplified system.


The project on "gold" tokens worth $1 billion was to be launched in the fall of 2017, but CME decided to abandon this idea, and, as a result, left the Mint without a trading platform.


In early 2018, the Ministry of Finance of the United Kingdom also decided that the idea of cooperation with CME within the trade of "gold" tokens would be a dangerous one for the reputation and status of the UK government.


The Royal Mint commented that this situation was a consequence of unfavorable market conditions, stressing the possible reconsideration of gold-pegged tokens issue.


As previously reported, a large British bank Barclays abandoned the idea of launching crypto trading in its system.

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