Royal Blockchain: UK Mint launches digital gold trading platform
The Royal Mint Royal Mint, jointly with CME Group , the world's largest derivatives trading platform, announced the launch of a blockchain-based digital gold trading tool called Royal Mint Gold (RMG) in mid-2017.
Approximate reconstruction of the contents of the Royal Mint vaults
RMG is a digital recording of gold bars that are stored in the Mint's super-secure repository. In turn, CME Group develops, implements and manages a digital platform on which trading operations with gold stored in Royal Mint will be conducted. Collectively, their service should allow easy, safe and economical replacement of traditional ways of buying and storing gold.
In other words, the proposed alternative is that the gold bought or sold by RMG does not physically leave the vaults ofScrooge McDuck of Her Royal Highness of the Mint Treasury, and all change operations will be carried out online based on the blockchain developed by CME Group.
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And if it seems to you that there is some kind of trick here, the finance director of the Mint, Winjetratne, explains that “the credibility of the Royal Mint’s reputation has been earned by many centuries of gold trading. But up to this point there was no digital way to trade in gold itself. ”
A century is not a figure of speech, by the way. The Royal Mint Royal Mint was founded in 886 AD. To make it clearer: this year, the Vikings besieged Paris , Bulgaria accepted the verb created by Cyril and Methodius, and Ancient Russia (that is, the state that united both Novgorod and Kiev) was only 4 years old . You unwittingly agree that storing your gold in their basements can be even safer than under your pillow. In the end, not everyone has a pillow, which is already 1130 years old.
In fact, the Bank of England gold deposit looks like this.
The Mint will not sell gold directly to end customers, planning to work through intermediaries - i.e. banks and brokers. The initial amount of RMG will be $ 1 billion in gold.
In the comments to every second post on the HashFlare blog, there continue to be controversies on the viability of the blockchain or the cash repayment of Bitcoin. Blockchain - bullshit, Bitcoin - pyramid etc. These disputes do not confuse me, because healthy skepticism has never hurt anyone - and the best chance, in my opinion, that the blockchain will not turn out to be a bullshit, and Bitcoin - a bubble - is a constant and meticulous criticism of both.
It is even more important that even despite the criticism of the blockchain as a technology (criticism by experts, which is especially important - because an absolute majority of the world's population did not even hear a word like that, it’s not something that could formulate any opinion), its application They continue to study and slowly adapt even such conservative structures as the UK Mint - certainly not the kind of organization from which you can expect hasty decisions or chase after fashion.
Approximate reconstruction of the contents of the Royal Mint vaults
RMG is a digital recording of gold bars that are stored in the Mint's super-secure repository. In turn, CME Group develops, implements and manages a digital platform on which trading operations with gold stored in Royal Mint will be conducted. Collectively, their service should allow easy, safe and economical replacement of traditional ways of buying and storing gold.
In other words, the proposed alternative is that the gold bought or sold by RMG does not physically leave the vaults of
')
And if it seems to you that there is some kind of trick here, the finance director of the Mint, Winjetratne, explains that “the credibility of the Royal Mint’s reputation has been earned by many centuries of gold trading. But up to this point there was no digital way to trade in gold itself. ”
A century is not a figure of speech, by the way. The Royal Mint Royal Mint was founded in 886 AD. To make it clearer: this year, the Vikings besieged Paris , Bulgaria accepted the verb created by Cyril and Methodius, and Ancient Russia (that is, the state that united both Novgorod and Kiev) was only 4 years old . You unwittingly agree that storing your gold in their basements can be even safer than under your pillow. In the end, not everyone has a pillow, which is already 1130 years old.
In fact, the Bank of England gold deposit looks like this.
The Mint will not sell gold directly to end customers, planning to work through intermediaries - i.e. banks and brokers. The initial amount of RMG will be $ 1 billion in gold.
Why is it important?
In the comments to every second post on the HashFlare blog, there continue to be controversies on the viability of the blockchain or the cash repayment of Bitcoin. Blockchain - bullshit, Bitcoin - pyramid etc. These disputes do not confuse me, because healthy skepticism has never hurt anyone - and the best chance, in my opinion, that the blockchain will not turn out to be a bullshit, and Bitcoin - a bubble - is a constant and meticulous criticism of both.
It is even more important that even despite the criticism of the blockchain as a technology (criticism by experts, which is especially important - because an absolute majority of the world's population did not even hear a word like that, it’s not something that could formulate any opinion), its application They continue to study and slowly adapt even such conservative structures as the UK Mint - certainly not the kind of organization from which you can expect hasty decisions or chase after fashion.
Source: https://habr.com/ru/post/372957/
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