British Royal Mint to trade gold through own tokens
The British Royal Mint responsible for issuing regular coins in the United Kingdom is indeed going to issue special tokens which will serve as a digital equivalent of gold stored in the vaults of this organization, confirms Thomas Coghill from the Royal Mint’s department responsible for this matter.
Digital assets backed by physical assets is not a new idea. For example, Oleg Deripaska’s D1 Coin is planned to appear on the listings of major exchanges during April this year. Another project, Copernicus Gold based in Singapore, does not show any signs of business breakthrough. In this case, the gold-backed token has chances to be exactly the thing it issuers want us to believe.
But if this new token is really going to be backed by gold, its price will be equal to gold as well. The current price of gold is $1,350.32 in the United States and £954.51 in the United Kingdom, and the dynamics is relatively stable. This might satisfy only those people who want to remotely own gold in the vaults of the Royal Mint for a long period of time, not the crypto traders who are already used to Bitcoin jumping from 10,000 to 20,000 and back again in less than a year.