Stories
Slash Boxes
Comments

SoylentNews is people

posted by Fnord666 on Wednesday January 24 2018, @09:47PM   Printer-friendly
from the gold-encrusted-1s-and-0s dept.

Australian Broadcast Corporation reports

Australia's biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals.

The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.

[...] For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity, according to chief executive Richard Hayes.

"I think as the world moves through times of increasing uncertainty, you're seeing people look for alternate offerings," he said.
But Mr Hayes said the volatility of some of the current cryptocurrencies meant they did not suit all investors.

And that is where a gold-backed offering may fit.

"With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it," Mr Hayes said.

"So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it."

What do you see here: some golden cryptocurrency dust sprinkled around or a decentralized ledger of precious metal transactions?


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 3, Interesting) by Sulla on Wednesday January 24 2018, @10:23PM

    by Sulla (5173) on Wednesday January 24 2018, @10:23PM (#627427) Journal

    Trading between BTC and DOGE/Lumen I am up 25% in number of BTC since the beginning of the month. I think its more of a fun thing to do than a way to invest money though.

    --
    Ceterum censeo Sinae esse delendam
    Starting Score:    1  point
    Moderation   +2  
       Interesting=1, Informative=1, Total=2
    Extra 'Interesting' Modifier   0  

    Total Score:   3