Though the hope to realize this project is still alive, due to such a delay, the United Kingdom will lose the position of a pioneer that it should have had if the Royal Mint had managed to fulfill its first plan to issue its gold-backed coins in time.
Britain's Royal Mint has frozen plans to launch a digital gold token after a partnership with US exchange group CME failed and the government vetoed a plan to have the tokens trade on a cryptocurrency exchange, three sources told Reuters. These would then have been available to trade on cryptocurrency exchanges, and had been seen by some commentators as the initial tentative steps towards a more central role for cryptocurrency in mainstream finance. While BitGo, a blockchain tech firm, was to have been responsible for the development of RMG's multi-signature crypto wallet.
It was discovered by Reuters that the Royal Mint was left in the lurch at the last minute. Reuter also reports that CME via its venture capital arm had invested in digital assets startups.
The sources were of the opinion that the exit of CME is a reflection of its broader "cooling of enthusiasm towards digital assets", despite the fact that the platform was one of the first platforms to launch Bitcoin (BTC) future contracts a year ago.
A source told the Reuters news agency: "CME's management changed and they walked away, didn't want to get involved".
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President for National Security Affairs (NSA) John Bolton offered Armenia to buy American weaponry instead of Russian. These will be discussed during the visit of the co-chairs to the region", Mammadyarov said.
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Initiated by the Royal Mint and CME Group in 2016, the digitized gold offering was dubbed "Royal Mint Gold" or RMG with each RMG representing the digitized version of 1 gram of gold stored in the Royal Mint's vault.
The Royal Mint Gold (RMG) road could have hit a dead end suddenly ending its existence before it starts.
The Royal Mint reportedly attempted to continue the project early this year via a new partnership with an unidentified cryptocurrency exchange.
One of Reuters' sources claimed that "priorities shifted" away from digitization following the retirement of CEO Phupinder Gill in late 2016, followed by that of CME's head of digitization, Sandra Ro, last July.
"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 Mint spokesperson was cited as saying.
Earlier this year, Australia's largest precious metal refinery, Perth Mint, unveiled its own plans to create its a gold-backed cryptocurrency.