British Government stalls the launch of a gold-backed cryptocurrency introduced by the Royal Mint
Latest reports reveal, Royal Mint all set to launch a cryptocurrency backed by gold, seems quite disappointing as it was not expected. The joint partnership with CME, an exchange based in the US quit all its operations relating to cryptocurrencies.
The report further states that “The entire operational staff and management of CME was replaced and thereafter did not want to indulge in any such activities.”
The Royal Mint pretends that all future plans were halted, however, such a great partnership coming to an end, at present it does not seem like the century-old institution will be making any progress lately.
A delegate from the Mint further added, “Unfortunately, because of the current market scenario conditions this did not seem possible, but we would surely reconsider our decision if the market conditions turn out right.”
The backbone of the partnership CME, at a point, lost interest which it initially had for cryptocurrencies. Although, the Mint did take the initiative to safeguard the operation, with intentions of collaborating with another exchange, the finance authority of the country strictly refused.
The biggest hurdle to tackle in the project was Anne Jessop, recently appointed as the CEO of the Mint, who eventually decided to stall this project completely, shattering the initiative taken by the British government to introduce a gold-back cryptocurrency.