- The would have been gold-backed cryptocurrency will not see the light of day as CME walks from the deal.
- The crypto space remains immensely unregulated; a risks that the government is not willing to take.
The digital asset revolution has become both a hot and delicate topic for governments around the world. Decentralization of the financial economy is mostly viewed as a threat by governments and their respective central banks.
The Royal Mint, one of the leading export mint has recalled on its plans to issue a digital gold token. As reported by Reuters, the plans hit rock bottom following lack of agreement between the North American CME Group and the British government. The government did not support a proposal to have the digital token trade on crypto exchanges.
The Royal Mint Gold (RMG) road could have hit a dead end suddenly ending its existence before it starts. The Royal mint is said to be a firm owned by the UK government. However, the British government has been cautious when it comes its involvement with cryptocurrency exchanges and the related businesses. Besides, the cryptocurrency industry remains widely unregulated.
“CME’s management changed, and they walked away, didn’t want to get involved,” Reuters reports.
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