{"id":4187,"date":"2018-02-05T01:51:29","date_gmt":"2018-02-05T01:51:29","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=4187"},"modified":"2018-02-05T12:43:11","modified_gmt":"2018-02-05T12:43:11","slug":"royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\/","title":{"rendered":"Royal Mint To Offer Crypto &#8220;Royal Mint Gold&#8221; Backed By Physical Gold"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/the-royal-mint.jpg\" alt=\"\" width=\"300\" class=\"alignright size-full wp-image-4219\" \/><a href=\"https:\/\/rmg.royalmint.com\/\">Royal Mint<\/a>, the 1,000 year old company producing the UK\u2019s coins and holding gold, is creating a block chain based coin, known as Royal Mint Gold (RMG). The digital currency will represent the gold stored in the Royal Mint Vault. One RMG coin will represent one gram of gold held in the vault.<\/p>\n<p>Back in December 2016, the Royal Mint unveiled the RMG project. The Royal Mint has partnered with CME Group, the renowned derivatives marketplace, for the creation of RMG. In April 2017, Royal Mint started testing the block chain gold trading platform. The Royal Mint Bullion, which sells physical gold, is the first company to offer a gold backed crypto currency. All RMG transactions will be recorded using a block chain ledger.<\/p>\n<p>The Royal Mint Bullion has mentioned in its website that RMG is an alternative way to invest and trade in physical gold. The bullion company also aims to reciprocate the performance of the London Gold Market with the crypto currency (RMG). The Royal Mint company has also underlined that RMG represents ownership of refined gold, held in the form of bars in accordance with the London Bullion Market Association (LBMA) standard. The gold bars will be held in the highly secure vaults of the Royal Mint company, which will only act as sub-custodian without any claim on the gold.<\/p>\n<p><strong>Tom Coghill from the Royal Mint\u2019s RMG division<\/strong>, said:<\/p>\n<blockquote><p>\u201cWe already sell physical gold through our Royal Mint Bullion business and we sell coins and bars. In this sense what we\u2019re doing here is simply making that a digital business and allowing for our clients to be able to hold gold for the first time on a blockchain basis. The difference between what we\u2019re doing and what other crypto digital assets is that we\u2019re a physical tangible asset.\u201d<\/p><\/blockquote>\n<p><strong>Coghill <\/strong>further said<\/p>\n<blockquote><p>\u201cIt\u2019s real gold you\u2019re holding when you\u2019re holding our RMG. Gold has probably had an argument that it\u2019s been a store of value for 6,000 years, Bitcoin\u2019s a bit younger and the future of Bitcoin is uncertain.\u201d<\/p><\/blockquote>\n<p><a href=\"https:\/\/www.legitgambling.com\/news\/ups-mentions-bitcoin-as-payment-mode-in-decentralized-locker-patent-filing\/\">Bitcoin<\/a> has been often compared to gold as it is seen as a store of value. Notably, a week before, Australia\u2019s Perth Mint had also announced its intention to develop a crypto currency backed by precious metals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Royal Mint, the 1,000 year old company producing the UK\u2019s coins and holding gold, is creating a block chain based coin, known as Royal Mint Gold (RMG). The digital currency will represent the gold stored in the Royal Mint Vault. One RMG coin will represent one gram of gold held in the vault. Back in [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69,68],"tags":[],"class_list":["post-4187","post","type-post","status-publish","format-standard","hentry","category-bitcoin","category-cryptocurrency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Royal Mint To Offer Crypto &quot;Royal Mint Gold&quot; Backed By Physical Gold<\/title>\n<meta name=\"description\" content=\"Royal Mint, the 1,000 year old company producing the UK\u2019s coins and holding gold, is creating a block chain based coin, known as Royal Mint Gold (RMG). The digital currency will represent the gold stored in the Royal Mint Vault. One RMG coin will represent one gram of gold held in the vault.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legitgambling.com\/news\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Royal Mint To Offer Crypto &quot;Royal Mint Gold&quot; Backed By Physical Gold\" \/>\n<meta property=\"og:description\" content=\"Royal Mint, the 1,000 year old company producing the UK\u2019s coins and holding gold, is creating a block chain based coin, known as Royal Mint Gold (RMG). The digital currency will represent the gold stored in the Royal Mint Vault. One RMG coin will represent one gram of gold held in the vault.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legitgambling.com\/news\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-05T01:51:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-05T12:43:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/02\/the-royal-mint.jpg\" \/>\n<meta name=\"author\" content=\"Cameron Bishop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cameron Bishop\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/\"},\"author\":{\"name\":\"Cameron Bishop\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"headline\":\"Royal Mint To Offer Crypto &#8220;Royal Mint Gold&#8221; Backed By Physical Gold\",\"datePublished\":\"2018-02-05T01:51:29+00:00\",\"dateModified\":\"2018-02-05T12:43:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/02\\\/the-royal-mint.jpg\",\"articleSection\":[\"Bitcoin\",\"Cryptocurrency\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/\",\"url\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/\",\"name\":\"Royal Mint To Offer Crypto \\\"Royal Mint Gold\\\" Backed By Physical Gold\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/royal-mint-offer-crypto-royal-mint-gold-backed-physical-gold\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/wp-content\\\/uploads\\\/2018\\\/02\\\/the-royal-mint.jpg\",\"datePublished\":\"2018-02-05T01:51:29+00:00\",\"dateModified\":\"2018-02-05T12:43:11+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.legitgambling.com\\\/news\\\/#\\\/schema\\\/person\\\/0e2e077765174748afc2362c890e3f91\"},\"description\":\"Royal Mint, the 1,000 year old company producing the UK\u2019s coins and holding gold, is creating a block chain based coin, known as Royal Mint Gold (RMG). 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