December 8, 2016 at 23:45Royal Blockchain: UK Mint Launches Digital Gold Trading Platform
The Royal Mint Royal Mint, together with CME Group , the world's largest derivatives trading platform, announced the upcoming launch of a blockchain-based digital gold trading tool called Royal Mint Gold (RMG) in mid-2017 .
An approximate reconstruction of the contents of the
RMG Royal Mint vaults is a digital recording of the gold bars stored in the super-protected Mint vault. In turn, the CME Group develops, implements and manages a digital platform on which trading operations with gold stored in Royal Mint will be conducted. Together, their service should make it easy, safe and economical to replace traditional methods of buying and storing gold.
In other words, the proposed alternative is that the gold bought or sold through RMG does not physically leave the vaults ofScrooge McDuck of Her Royal Majesty the Treasury of the Mint, and all changes in ownership will be carried out online based on the blockchain developed by CME Group.
And if it seems to you that there is some kind of catch, then Mint Finance Director Vin Wijeratne explains that “the credibility of the Royal Mint’s reputation has been earned over many centuries of gold trading. But up to this point, there was no digital way of trading gold itself. ”
About centuries - not a figure of speech, by the way. Royal Mint was founded in 886ad. To make it clearer: this year the Vikings besieged Paris , Bulgaria adopted the verb created by Cyril and Methodius, and Ancient Russia (i.e. the state that united both Novgorod and Kiev) was only 4 years old . You involuntarily agree that storing your gold in their cellars can be even safer than under your pillow. In the end, not everyone has a pillow, which is already 1130 years old.
In fact, the Bank of England gold vault looks like this
Directly selling gold to end customers Mint will not, planning to work through intermediaries - i.e. banks and brokers. The initial RMG will be $ 1 billion in gold.
The comments on every second post on the HashFlare blog continue to debate about the viability of the blockchain or the solvency of bitcoin. Blockchain - Bullshit, Bitcoin - Pyramid etc. These disputes do not bother me, because healthy skepticism has never hurt anyone - and the best chance, in my opinion, is that blockchain will not turn out to be bullshit, and Bitcoin - a soap bubble - is a constant and meticulous criticism of both.
It is even more important that even despite criticism of the blockchain as a technology (criticism by experts, which is especially important - because the vast majority of the planet’s population didn’t hear a word like that, it’s not that some opinion could be formulated on this issue), its application even conservative structures such as the Mint of Great Britain continue to study and slowly adapt - certainly not the organization from which you can expect hasty decisions or pursuit of fashion.
An approximate reconstruction of the contents of the
RMG Royal Mint vaults is a digital recording of the gold bars stored in the super-protected Mint vault. In turn, the CME Group develops, implements and manages a digital platform on which trading operations with gold stored in Royal Mint will be conducted. Together, their service should make it easy, safe and economical to replace traditional methods of buying and storing gold.
In other words, the proposed alternative is that the gold bought or sold through RMG does not physically leave the vaults of
And if it seems to you that there is some kind of catch, then Mint Finance Director Vin Wijeratne explains that “the credibility of the Royal Mint’s reputation has been earned over many centuries of gold trading. But up to this point, there was no digital way of trading gold itself. ”
About centuries - not a figure of speech, by the way. Royal Mint was founded in 886ad. To make it clearer: this year the Vikings besieged Paris , Bulgaria adopted the verb created by Cyril and Methodius, and Ancient Russia (i.e. the state that united both Novgorod and Kiev) was only 4 years old . You involuntarily agree that storing your gold in their cellars can be even safer than under your pillow. In the end, not everyone has a pillow, which is already 1130 years old.
In fact, the Bank of England gold vault looks like this
Directly selling gold to end customers Mint will not, planning to work through intermediaries - i.e. banks and brokers. The initial RMG will be $ 1 billion in gold.
Why is it important?
The comments on every second post on the HashFlare blog continue to debate about the viability of the blockchain or the solvency of bitcoin. Blockchain - Bullshit, Bitcoin - Pyramid etc. These disputes do not bother me, because healthy skepticism has never hurt anyone - and the best chance, in my opinion, is that blockchain will not turn out to be bullshit, and Bitcoin - a soap bubble - is a constant and meticulous criticism of both.
It is even more important that even despite criticism of the blockchain as a technology (criticism by experts, which is especially important - because the vast majority of the planet’s population didn’t hear a word like that, it’s not that some opinion could be formulated on this issue), its application even conservative structures such as the Mint of Great Britain continue to study and slowly adapt - certainly not the organization from which you can expect hasty decisions or pursuit of fashion.