Plans for a pretty much official UK cryptocurrency have the brakes applied…
The Royal Mint in the UK, that makes the physical currency of the pound sterling, was said to be working on plan for a ‘digital gold token’. This would have been a token tradeable on cryptocurrency exchanges, and against a backdrop of a muddled approach to crypto regulation in the UK, it was a bold project to introduce a digital asset.
And now, perhaps inevitably, it’s a bold project that isn’t going to happen.
The project had been first announced back in 2016, with the Royal Mint revealed it was in partnership with the US exchange firm CME. Both were set to venture into crypto via the project.
However, the planned launch date for what would have been called Royal Mint Gold came and went towards the end of last year, when CME opted to withdraw from the scheme.
According to Reuters, The Royal Mint tried to find another partner for the project earlier this year. But ultimately, being wholly government owned, it came up against a problem. That the UK treasury didn’t want to press ahead with the idea, fearful of the impact it could have on the government and Royal Mint’s reputation if it went ahead.
As such, whilst there’s been no official government comment on the project, what would have been an official UK cryptocurrency in all but name has died a quiet death. It’s hard to see that there’s any chance of it being resurrected, either. Royal Mint Gold, it seems, missed its moment.