Her Majesty’s Royal Mint, the institution responsible for producing physical coins for circulation in Britain, has been unable to launch its gold-backed cryptocurrency after the government vetoed the project, Reuters reports Oct. 25.
As reported, the Royal Mint had first unveiled it project to issues as much as $1 billion worth of digital gold tokens, dubbed Royal Mint Gold (RMG), back in 2016, which were to be traded on a blockchain-based platform run by U.S. exchange CME. Blockchain tech firm BitGo was set to be responsible for developing RMG’s multi-signature crypto wallet.