Australia’s Perth Mint has announced the launch of Perth Mint Gold Token (PMGT), a token backed by gold that is guaranteed by the government of Western Australia.

Stablecoin Backed by Government Gold

According to The Next Web, Perth Mint — an agency wholly owned by the Western Australian government — has been introducing several projects that offer new forms of gold investment.

In 2018, Perth Mint introduced a mobile app that enabled investors to buy, sell, and transfer physical gold via digital certificates called GoldPass. The certificates are backed by physical gold, also guaranteed by the government.

“The digitization of gold via a public ledger is a natural progression for the global commodity markets,” stated Perth Mint CEO Richard Hayes. 

“It will promote gold as a mainstream asset, enhance its accessibility, and offer greater liquidity, transparency and auditability of the real assets backing this type of digital token.”

Meanwhile, the Perth Mint Gold Token (PMGT) will offer investors another alternative to investing in government-backed gold.

“It offers institutional investors a competitive alternative to traditional gold products such as gold ETFs, with the additional benefits of real-time trading and settlement enabled by blockchain technology,” stated a press release from the Perth Mint.

New Gold Product on Offer in the Market

Perth Mint is reportedly offering PMGT as an alternative product to stablecoins backed by the U.S. dollar and expressed hope that, in the future, PMGT will be tradable with other products in the market such as CME gold futures and gold ETFs.

Launching a token on a public blockchain such as Ethereum has been taken as an indication of greater confidence from the government of Western Australia in blockchain technology. 

Source: https://thenextweb.com

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