UK government put a stop to the Royal Mint’s plans to launch a gold-backed crypto after a crucial partnership went south

Anyone excited about the Royal Mint’s plans to introduce a cryptocurrency backed by gold would be disappointed to read that it wasn’t meant to be after all. A partnership with the US-based CME exchange went sour after the company walked away from anything to do with cryptocurrencies, Reuters reports.

“CME’s management changed, and they walked away, didn’t want to get involved,” said one of the sources who spoke to Reuters.

The Royal Mint acts more like plans were put on hold, but with a partnership this large dissolving, it doesn’t seem like the 1,100 year-old institution will be making headway anytime soon.

“Sadly, due to market conditions this did not prove possible at this time, but we will revisit this if and when market conditions are right,” a spokesman for the Mint said.

CME, a crucial partner in this venture, just lost the enthusiasm it once had for cryptocurrencies when it launched a Bitcoin futures contract. The Mint attempted to rescue its operation, seeking a partnership with another exchange, but the country’s finance ministry blocked it. According to one of the sources who spoke with Reuters, this may have been motivated by concerns about the reputation of the British government and the Mint.

The final nail in the coffin for the institution’s project was Anne Jessop, the Mint’s new chief executive, according to the sources. She ultimately decided to shut down the project, making it impossible for the dream of a gold-backed cryptocurrency issued by the British government to become a reality.

The idea of gold-backed cryptocurrencies won’t die anytime soon, however, as numerous ICOs attempt to vie for the title. Among them are OneGram, Digix DAO (DGD), AurumCoin and many others.

Also read: Deutsche Bundesbank and Deutsche Börse have successfully completed the performance tests of their jointly specified prototypes for securities settlement based on Blockchain

Source: https://cryptovest.com/news/royal-mint-plans-for-gold-cryptocurrency-placed-on-backburner/