Australian Gold Refinery Announces Plan to Develop Crytocurrency

Perth Mint, Australia’s largest gold refiner, has announced plans for the development a cryptocurrency backed by physical gold. If successful in developing the altcoin, it will join a long list of virtual currencies seeking to entice cryptocurrency investors to experiment with commodity-backed virtual currencies, including Venezuela’s soon to be launched.

The ambitious plan, which is subject to a confidentiality agreement, will make it easier for consumers to buy gold.For the Perth Mint, the need to bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies posed an opportunity, according to chief executive Richard Hayes. Cryptocurrency continues to rise up and probably stays on the top like a hawk waiting for a prey to catch.

Cryptocurrency possesses the rapid changing market exchange in history.

** Questions**

Are traditional market leaders/companies threatened by cryptocurrency?

Does it acquire the foundations stay on top?

Does it have the capability to help poor countries?

I'll leave it to you fellow stemians.

Thank you!