29 Nov '16, 9am

Britain's coin maker is going to let people trade gold using the technology behind bitcoin

Britain's coin maker is going to let people trade gold using the technology behind bitcoin

The Royal Mint engraver Jody Clark poses with his portrait of Britain's Queen Elizabeth following its unveiling at the National Portrait Gallery in London. Reuters/Suzanne Plunkett LONDON, Nov 29 (Reuters) - Britain's Royal Mint and leading U.S.-based derivatives exchange CME Group have teamed up to create a blockchain-based digital platform for dealing in gold in a drive to cut the costs involved in trading the precious metal. The platform, due to launch in 2017, will see the Royal Mint - the Treasury-owned body that is permitted to strike British coins - issue "Royal Mint Gold", or RMG. This will be traded via a platform created and run by the CME Group. The Royal Mint will put gold bars into its on-site secure vault, which will then be digitised to create RMGs whose ownership will be recorded on the blockchain. Traders will then be able to trade in and out of RMGs betwe...

Full article: http://www.businessinsider.com/r-uks-royal-mint-cme-group...

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