UK Royal Mint Says Market Conditions Led to Blockchain Gold Plan Freeze

The U.K. Royal Mint has suspended a long-running plan to create a crypto asset representing physical gold holdings.

Citing anonymous sources, Reuters reported Thursday that the Royal Mint had frozen its plans to issue Royal Mint Gold (RMG) tokens after its partnership with the CME Group (NASDAQ:CME) fell through and the U.K. government “vetoed a plan to have the tokens trade on a cryptocurrency exchange.”

A Royal Mint spokesperson confirmed that RMG will not be launching at this time, though they left the door open to restarting the project in the future.

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