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The largest Australian gold refiner considering a gold-plated cryptocourrie

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Australia's leading precious metals refinery, the Perth Mint, develops its own cryptocurrency in gold in order to attract consumers to invest in gold.

With a processing capacity of more than 700 tons of gold per year, the Perth Mint is the largest Australian gold refiner. An increased exodus of investors who are turning to alternative alternative investments in cryptocurrencies such as bitcoin in recent years has pushed the refiner to – ironically – offer his own remedy to cryptocurrency to precious metals.

The company is developing a still untitled cryptocurrency backed by gold that would also be used to buy and sell crypto-gold on a chain of blocks, according to ABC News.

Speaking to the publication, managing director Richard Hayes pointed to a "massive flow of funds in the likes of Bitcoin" as investors move away from traditional shelter assets. A cryptocurrency in gold traded on a blockchain has, according to him, its own merits.

He declared:

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"So he'll have all the benefits of something that's in a big book that's distributed very quickly, that's easy to trade, but is supported by precious metals, so there's something behind it, something that supports it. "

In addition, the executive also pointed out that the company was interested in the implementation of blockchain technology in its own operators. One possible application could see the entire gold bullion supply chain traced from the mine site to its sale to a consumer – traced and logged in an immutable and transparent blockchain .

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The refiner's incursion into cryptocurrency and blockchain technology comes more than a year after the British Treasury announced its own "digitized gold offer" where the Consumers will be able to buy, hold and sell gold instantly on a blockchain. Gold (RMG). The blockchain trading platform has been co-developed by BitGo, a bitcoin start-up, facilitating the trading of $ 1 billion of gold bullion held in Royal Mint coffers near Cardiff, Wales. Wales.

In the end, Perth Mint sees the offer as another platform for the sale of gold. "We are certainly trying to make it easier and easier, within reasonable limits, to access precious metals," said Hayes. "It would be just another way for them to do it."

The executive expects that gold-backed cryptocurrency tokens will be offered at some point in the next 12 to 18 months.

Image from Shutterstock to photo

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