Australian Gold Refinery Announces Plan to Develop Cryptocurrency

Perth Mint, Australia's largest gold refiner, has announced plans for the development a cryptocurrency backed by physical gold. If successful in developing the altcoin, it will join a long list of virtual currencies seeking to entice cryptocurrency investors to experiment with commodity-backed virtual currencies, including Venezuela's soon to be launched 'petro'.

Australian Gold Refinery to Develop Cryptocurrency

'I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings,' Mr. Hayes stated, adding 'And you're seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”

Perth Mint CEO Claims Metal-Based Crypto Potentially Offers Price Stability

“With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it,” Mr. Hayes stated. “So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”

Commodity-Backed Cryptocurrencies Proliferate

At the closure of the first phase of the ICO, Onegram only saw the sale of 16,926 of the 12,400,786 Onegramcoins (OGC) that the company had hoped to sell – comprising less than 0.14% of the company's goal. Presently, Onegram claims that the platform is still in development, and has given its investors the option to resell their OGC for a meager 25% return should they wish to liquidate their holdings.

Venezuela also recently announced that it will launch a commodity-backed cryptocurrency, the 'petro' – a national cryptocurrency purportedly backed by 5 billion barrels of Venezuelan crude oil. In recent weeks, Venezuelan officials have urged neighboring countries to adopt the cryptocurrency. At present, it appears as though the Venezuelan government will seek to sell the crypto in 'private placements at a discount of up to 60 percent,' with the sale set to start of February 15.

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The post Australian Gold Refinery Announces Plan to Develop Cryptocurrency appeared first on Bitcoin News.


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