Australian Government Support Ethereum Based Token by Perth Mint

[Harrydose]

As we know that presently China is the world’s largest gold producer, which has the capacity of producing 400 tonnes in a year. Australia is the second-largest gold producer in the world with a capacity of 310 tonnes per year.

Australia’s Perth Mint which is the world’s largest refinery announced the launching of a gold-backed Ethereum token which is guaranteed by the government of Western Australia.

Source "TheCoinRepublic"

[batang_bitcoin]

I hope that by this time that the project will be for real. I've seen those projects that told they were gold backed up but the outcome was expected.
Many of them failed that's why I've said that hopefully that this will be a project that will roll for sure since this is going to be supported the Australian gov't, let's see where this will head.

[magneto]

This would be incredibly useful for international investors in my opinion.

No longer would they have to be bound by semi-legitimate services that don't have the best track record in terms of regulation and reputation, like BitGold/Goldmoney (which it's currently known by), but they can rather directly transact with a gold backed cryptocurrency from an official government backed mint.

This would probably pose a lot of competition to current gold stablecoins like Digixdao, and Xaurum as well. It could be extremely successful given how much backing it's got, but ultimately, marketing from the Perth Mint (whose products I like a lot, by the way), will be crucial.