UK’s Royal Mint, which is responsible for issuing physical money, circulated in the country, announced the creation of its own gold-backed cryptocurrency.  

The blockchain-based currency, called Royal Mint Gold (RMG), is a digital equivalent of gold, which is kept in Royal Mint vault.

In an interview to Express.co.uk, Tom Coghill from Royal Mint’s RMG division emphasized that the difference between RMG and other crypto digital assets is that the first is “a physical tangible asset.”

“One gram on our blockchain represents one gram physically in our vault. So it’s real gold you’re holding when you’re holding our RMG,” he remarked.

Comparing bitcoin to RMG, Tom Coghill said that “gold has probably had an argument that it’s been a store of value for 6,000 years, bitcoin’s a bit younger and the future of bitcoin is uncertain”.

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