The U.K.’s Royal Mint won’t be offering a digital gold token after all. Reuters, quoting three unnamed sources, said the Mint shut down the project after the U.K. government vetoed the plan.
The Mint planned to issue Royal Mint Gold tokens worth up to $1 billion on a blockchain-based trading platform run by CME, but then CME pulled out of the deal because of a “change in strategy,” according to the sources.
When the Mint decided to offer the tokens on an unnamed cryptocurrency exchange, Britain’s wary finance ministry reportedly blocked the move in early 2018 as “too big a gamble,” Reuters was told by the sources.
“Sadly, due to market conditions this [digital token] did not prove possible at this time, but we will revisit this if and when market conditions are right,” the Mint said in a comment. Read more here.