A NEW cryptocurrency backed by gold is set to be made by Australia’s largest gold refinery after the Chief Executive announced plans to increase investment in the country’s metals.
Perth Mint have said they are hoping to capitalise on the rise the trading of digital currencies as a way to help increase interest in investing in Australia.
A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, Ripple, and Ethereum all seeing surges.
Richard Hayes, Chief Executive of Perth Mint said: “I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings.
“And you’re seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”
He added that the proposed online money would “bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies.”
Bitcoin was the original virtual currency and since it first mined in 2009, has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December 2017.
