Cryptocurrency backed by gold being developed by Perth Mint to entice investors back to precious metals | WHAT REALLY HAPPENED


Cryptocurrency backed by gold being developed by Perth Mint to entice investors back to precious metals

Australia's biggest gold refiner, the Perth Mint, is developing its own cryptocurrency backed by physical precious metals.

The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.

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AUDIO: Perth Mint chief executive Richard Hayes talks about plans to develop a crypto-gold product (ABC News)
The mint also plans to make use of blockchain technology, first used as the core component of the digital currency Bitcoin, where it works as a public ledger for transactions.

In the 10 years since its inception, blockchain has been used to track transactions in industries from agriculture to land registration and the music recording industry.

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