Australian Gold Refinery is planning to develop a commodity backed cryptocurrency. The largest Gold Refiner of Australia, Perth Mint announced the news and created a chaos among the crypto-enthusiastic people. If they developed this altcoin backed by gold successfully, then in the new future it would enter the long list of virtual currencies.
Richard Hayes, the Chief Executive of Perth Mint said that the company is attempting to bring some specific opportunities for the investors to make investments in cryptocurrencies. According to Mr Hayes, ‘the world is so uncertain and moves ahead through times, thus you should look for alternate offerings for the people. Since people are looking for something out of the traditional investments, that is why the world has seen an intensive flow of funds in Bitcoins’.
The cryptocurrency which the company is planning to develop is backed by physical gold and this is a metal-based cryptocurrency. Mr Hayes highlighted the benefits of using gold-backed cryptocurrency and explained that the distributed ledger technology would be employed for the development. This technology is fast and efficient in settlement and is potentially affordable as well. He further added that ‘the use of precious of metal along with blockchain would retain its intrinsic value. Despite this, the cryptocurrency based on a distributed ledger gets quickly settled and is easy to trade.
Following the trend, Venezuela also declared recently that they would also be launching a commodity backed cryptocurrency very soon. The crypto-enthusiasts should now pull their socks up as the crypto market is soon going to witness an ample amount of changes. Moreover, the success or failure of this change is something which one cannot judge at such an early stage.