Australian Gold Refinery To Release Gold Backed Cryptocurrency
Australia’s largest gold refinery, the Perth Mint is developing its own gold-backed cryptocurrency to attract consumers to its products.
The Perth Mint produces over 700 tons of gold per year and is the largest of its kind in Australia. Recently changing investor preferences have prompted the refinery to seek new ways to attract customers.
The company is currently developing an as-yet-unnamed cryptocurrency that will be backed by gold and can be used to buy and sell crypto-gold through the blockchain, writes ABC News.
In a conversation with the publication, the head of the company, Richard Hayes, noted that now investors tend to consider bitcoin a reliable asset, forgetting more and more about gold. In his opinion, a cryptocurrency backed by gold will have certain advantages..
“It will have all the advantages of the blockchain, for example, it can be used for very, very fast calculations, but at the same time it will be backed by precious metals, that is, there will still be something behind it,” he said..
He also noted that the company is interested in the possibilities of using blockchain in its own operations. As one of the possible areas of application, he named the transfer of supply chains to the blockchain, which would allow consumers to track the paths of movement and processing of products that reach them..
Ultimately the Perth Mint is going to create a platform for selling gold through the blockchain.
“We strive to simplify so that people can have access to precious metals,” explained Hayes. “This system will be another way of distributing gold”.
The new cryptocurrency is expected to be released in the next 12-18 months.
Recall that earlier Goldman Sachs analysts came to the conclusion that Bitcoin does not harm the demand for gold.