The Perth Mint is Australia's official bullion mint and wholly owned by the Government of Western Australia wikipedia.
Perth Mint (well known for its succesfull Lunar series) is going to launch its own gold-backed cryptocurrency in the next 12-18 months source.
According to Perth Mint, the introduction of a crypto-gold product would improve accessibility to gold for all consumers as well as making gold investments more secure and transparent.
I do not know if this is the real reason. Buying gold is pretty simple already: Just push the buy button at APMEX. You can even buy with BTC: 2018 Australia 1 oz Gold Lunar Dog BU.
I suspect Perth Mint wants to capitalize on the blockchain hype.
Also, since blockchains are backed by math, they should not need to be backed by anything tangible at all.
Perth Mint is actually owned by the Government, so this will be the first Government backed crypto, backed by gold.
On the positive side, a crypto backed by gold could make the ownership more decentralised and transparent, and perhaps make it more difficult to manipulate the market as J.P. Morgan with silver for instance.
I have no idea how this is going to play out. Stay tuned…
Perhaps, it is back to the gold standard after all.
If it drives the price of PMs up, well that's a good thing. Rest assured, my stack will never reside on a blockchain. It is firmly off the grid.
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Just like you @janusface, I don't know what I am feeling about this quite yet. It fist glance it seems like the Australian government just want to release a crypto because it is so popular right now, hoping to make some money doing it. I think we'll be seeing a lot of corporations and governments releasing "useless" cryptos in the future hoping to get some quick money out of it. After all, releasing a cryptocurrency is actually pretty cheap and easy.
On the other hand, it could of course be a nice addition to the other blockchains out there, but 12 months is a long time, and we don't really have any other detail except for the fact that it will be backed by gold, so I'm not sold yet.
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It seems like commodity backed cryptos are getting hotter. Just look at Element ASA that are going to release a token backed by their nickel resources. @bitspace has recently partnered with Harmonychain that are aiming at creating several commodity backed cryptos.
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Ah, that's pretty interesting. I guess it makes sense to use a blockchain this way, so no one can come and forcefully take away any assets you might own. I think we will see a lot of these in the next few years!
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This shows that Govt has now understood the power of blockchain technology and very very desperate now to get it into the fold of govt.
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Very interesting! Still, i think i will hold my crypto that is backed by 9 years of "working like a dream," and a few other heavy hitters. And then, I will buy real gold with them... It's an interesting idea though, and for those that like "paper" securities, this may be an upgrade.
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I just read this one: https://blog.unocoin.com/steve-wozniak-bitcoin-is-better-than-gold-and-usd-4fdbfcb6e5bb.
Perhaps, that is something Perth Mint is contemplating.
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Thx for good info!
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The good side of this is that Australia unlike many other countries is not fighting against crypto or warning each citizen (as in Holland and Switzerland) for the risk but tries to step in or in other words get a piece of the action.
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I think that this is a positive development for the market as a whole; it should bring a greater sense of legitimacy to potential investors.
That being said, it does seem that governments and larger corporations are doing this purely to keep up with the times and to remain in control - I am a strong believer that we need governments (although there is a lot wrong with them of course), but we do not need our governments to jump on the latest technology out of what is most likely fear of losing power.
Companies such as Deloitte, Accentrue etc. are doing it right - they focus on applying blockchain solutions for corporations, but they aren't trying to run large ICOs - therefore they are developing the blockchain's economy without trying to take power out of it, which is what I think that governments should do when it is developing. Thanks for the post!
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I count on you to bring us the latest updates on this, 12 months from now is too long for me to remember!
A gold-backed crypto certainly sounds interesting!
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Yes, I'll try to remember that. 12 months is a loooonng time in crypto land!
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I'm sorry to interfere but if really encryption and gold would be so wonderful I would study the subject extensively
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We should get someone to create a RemindMe-bot like they got on Reddit. It is so nice to just call the bot to get a notification in X amount of time.
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If a govt adopts or create one such crypto coin then it will be a bench mark for all other countries and the crypto segment will further rally massively with this hype once it materializes.
Thank you....steem on and stay blissful....
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Perth Mint makes some of the world's highest quality coins. Its "own gold-backed cryptocurrency" will be interesting to follow. Cool Lunar Gold, but out of my price range. • SteemSilverGold •
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Government crypto, backed by gold. Even governments understand that that is too much, look at what happened to the gold standard. I think it is very obvious that this guys just want to take advantage of the hype, gain some publicity and be more "likeable" among the youngsters. Not a bad move from PR point of view.
Thanks for sharing !
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We are in the crypto space , with the hope of complete decentralization .. projects like ripple and the one you just mentioned above may not last for long as they would always have conflict of interest, hence i do not see them succeeding in the long run
On the brighter side the airport in Brisbane has started accepting cryto as payment that is the sort of progress we would love to see
I cover daily crypto news so if you're into that do give it a read
https://steemit.com/altcoinbuzz/@steemaze/cryptocurrency-news-ripple-with-uphold-crypto-airport-japan-regulation-robinhood
Cheers :)
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@janusface,
Excellent update, but why they need to introduce a crypto currency? I don't know this methodology / concept is very much suitable to crypto world with lots of maths and algorithms! Anyway as a Government involvement, it seems it will get more audience! Hope to hear more from you about this new coin and I wish to be a part of their ICO if it's really backed by the government!
Cheers~
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It is a trend to link crypto with commodities: This is a company from my country which is going to have an ICO with a token backed by their nickel resources: https://www.zerohedge.com/news/2017-10-29/norwegian-mining-company-launches-first-asset-backed-initial-coin-offering
If it is a good use case for blockchain is another question..
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A non-fiat crypto-currency? The libertarians are going to be weak at the knees.
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if this happens in reality then it would create history because for the first time it will be backed by precious metal like gold and hence it will make the worth of the crypto much more and it will also bring a new dynamics to the crypto world.
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interesting news coming got to know this from your post ... thanks for sharing this
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Really! Great news. Thanks for sharing. I've got a thing for the shiny stuff and crypto now.
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Although I welcome any government that wants to back up their paper with something/anything of value - I like my crypto nice and decentralized, as intended. Government not included. Great post though boss, thanks!
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Iwoulod prefer an exchange for gold and cryptocurrencies with it's own token like binance. would be a less centralised solution
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Great news reporting here. It's amazing how many things happening and something as big as this fell through the cracks for me.
Good point that cryptocurrencies don't NEED anything physical backing them up, but I am interested to see how the underlying cryptography and make transactions more transparent and honest as well.
Upvoted and Followed. Steem on.
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I think, value of Gold will rise in the near future.
Due to that, the value of this Gold-backed will rise too.
They know that and probably that's why they are approaching.
And I think you are right about the ownership becoming decentralized.
Let's hope so.
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With their crypto backed by gold at least the price should be stable, at least follow the guidelines of gold itself, maybe even more value since it is backed by a precious metal..... We will see
A few questions too....
Things to ponder.....
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Stay tuned indeed. I think, without knowing more, that this might be awesome. Thanks for bringing to our attention.
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Great news and this gold coin, you can say, equates the crypto-currencies to gold assets, which of course pleases me! Thank you @janusface
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gold-backed crypto certainly sounds interesting
@janus-face
I created for you just check my blog and dont mind it please
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Recently, people are less invested in gold. Maybe they will solve this problem in this way. I wonder if it will turn out that the realties? Keep us updated.
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Wow! I think it's a good move! Hope everything goes fine!
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@janusface..really a excellent update...cryptocurrency is a present valuable thing in the world then the gold compared to the gold the rate was stable for gold and cryptocurrency rate is going very fast and grow very high ..but the thing is gold cost is regulated by the governments but in cryptocurrency its tottaly depending up on the tradings in market day by day new coins and ico's are comes ...projects like ripple and the one you just mentioned above may not last for long as they would always have conflict of interest, hence i do not see them succeeding in the long run
..thank you for sharing with us..
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Very interesting news.. Actually, I couldn't understand the reason of this action. Let's wait and see what it is. Thanks for the post! I'm waiting for next posts regarding this cyrpto-gold issue!
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i actually like the perth mint coins. been collecting since 2015
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damn this is massive news bieng government owned i bet the powers that be will pump it for gains
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A trustworthy country for crypto & government involved crypto project. Sounds perfect & the use case also a good idea. Nice update about it.
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Crypto is sure giving more space and adding value each and every day !Hope it gets bigger & bigger everyday !
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I like gold alright. I'm interested but since it's owned by Government, any government for that fact, it still makes me a wee bit hesitant. So let's follow the links and find the White paper on this.
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Very interesting for sure. Something to keep an eye on no doubt. Thanks for sharing.
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Hello @janusface,
Extraordinary good information. Australian government is one of the best government which has no stupid rules against crypto. Therefore this is a big & valauble news to the entire crypto industry. Incredible post & valuable update.
~@mywhale
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bitcoin is the shift to blockchain and a new gold reserve system. It has been implemented under out noses and now comes the flip of the switch. Gold back crypto govt issued was always the end game. Long story haha amazigtimes.
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'I do not know if this is the real reason. Buying gold is pretty simple already'
yes, it's doubtful. but government backed means sounds good. impressive post @janusface
@resteemia
reteemed & upvoted & commented & followed
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Thanks for this info. I like how well written this is.
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Thanks for this update. i'm knowing about this latest development here first though i for see it coming.....
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Cryptocurrency backed by gold being developed by Perth Mint to entice investors back to precious metalsValuable market news you shared well~
http://www.abc.net.au/news/2018-01-24/cryptocurrency-backed-by-gold-being-developed-perth-mint/9352036
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great information. I think cryptoes are future.
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good post
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I like your comment, upvoting you
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i know about perth mint...thanks for this amazing post... keep going on....
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