30 Nov '16, 8am

Britain's mint is trying to make gold act more like bitcoin - Quartz

Blockchain technology is about to come full circle. The technical ideas that allow bitcoin, designed as a form of digital gold, to operate will soon be used by the UK’s government-owned Royal Mint in a new gold-trading system. The 1,000-year-old Royal Mint is working with CME Group—the world’s largest futures exchange operator—to put $1 billion worth of gold on a blockchain sometime next year. The idea is to allow customers to own and trade fractions of gold, stored in the Mint’s vaults, using a new digital token called Royal Mint Gold (RMG). Each RMG equates to a gram of gold. The new scheme cuts out the management fees and storage costs that current spot-trading in gold incurs. The Mint, for instance, charges between 0.5% and 1% of the average value of a customer’s holdings for using its vault. A blockchain reduces the administrative headaches of deciding who owns what f...

Full article: http://qz.com/848797/gold-and-bitcoin-the-royal-mint-and-...

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