Royal Mint suspends the launching of its token
The proposal for the creation of a token anchored to gold by the Royal Mint of the United Kingdom has been temporarily canceled until there are the optimal conditions for the emission
The suspension of the launching of the token was decided after the failure in the association between Royal Mint with the CME Group, which had agreed to issue the cryptoactive denominated Royal Mint Gold (RMG). In addition, the decision of the UK government to ban the commercialization of the digital currency through an exchange of cryptocurrencies was another crucial factor in stopping the project momentarily.
In the first instance, RMG was scheduled to be launched in the fall of 2017, later it was rescheduled for the spring of the current year. However, a mutation in the management of the CME Group frustrated the alliance and the established agreement, leaving the token without a blockchain platform available for commercialization.
Despite this momentary pause, the Royal Mint does not rule out the possibility that later the conditions allow the token to be issued. However, the intervention of the government with its veto through the Ministry of Finance preventing a new association with another exchange, shows the caution and distancing that the countries of developed economies have maintained before the new world of cryptographic assets.
RMG was created to manage assets linked to gold. Also, through the blockchain technology they would be able to trace the origin of the precious metal.
As mentioned above, the resumption of the project under other conditions is not ruled out completely. The government is expected to further evaluate the market and the desirability of digital currencies in its economy, to create an optimal environment that allows its development.
L.Sáenz
Source: Coincrispy
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