The Germany based Karatbars International GmbH which has launched KaratGold Coin (KBC), an ERC-20 coin which had linked digital currencies to real gold had started off a new trend in the industry. It is also planning to launch its blockchain smartphone, the IMpulse K1 Phone has its own innovative integrated gold and crypto payment system and also world’s first to provide “VOBP” – Voice over Blockchain protocol.
Kinesis Money has recently collaborated with numerous important key players such as the Jakarta Futures Exchange, the state-owned post office including the Indonesian government in launching a backed monetary system in the country. The CEO of Kinesis Money, Thomas Coughlin explained, “Blockchain-based currency is a fantastic idea with many potential applications, but so far this potential has been squandered, generating more heat than light.”
Elvira Nabiullina, the head of the Central Bank of Russia (CBR), said that they will consider gold-tied crypto for mutual settlements. Boosting gold reserves enables Russia to diversify foreign exchange eventually minimizing reliance on the US dollar. In the scenario that Russia can launch gold-backed crypto successfully, they can liquefy their huge reserves and trade quite freely across the border.
The Prime Minister of Malaysia, Dr. Mahathir Mohamad has shared his idea to create a new currency backed by gold for East Asia geographic region at an international conference at Japan. He explained, “…currency must relate to the local currency as to the exchange rate, & that is something that can be related to the performance of that country. That way we know how much we owe and how much we have to pay in the special currency of East Asia.”
The central bank of Russia may bring out its gold-pegged cryptocurrency, The head of the national bank responded to a query and stated the bank would reflect house’s suggestion of crypto tangled with gold for the reciprocated settlement but it will not act as an alternate for Russian Ruble. Though at initial stage Russia viewed cryptocurrency as vile, later in the course of time it started to normalize this sector, replicating other states like Japan, Malta, etc.
New York-based firm Paxos is making waves in the world of cryptocurrency, as it plans to introduce digital tokens backed by precious metals this year. Paxos CEO Chad Cascarilla explained, “Any type of asset to be put onto blockchain, gold is probably the most obvious. The goal is to move assets and settle transactions more quickly and securely and with lower fees.” Though it still has U.S. Securities and Exchange Commission approval pending.
A blockchain-based platform, Kinesis Mint has been launched by Kinesis Money to create a bullion-backed digital currencies of two types: KAU, one unit backed by 1 gram of gold, and KAG, backed by silver. They users can pay fiat money or cash in their bullion to get the tokens. Its CEO Thomas Coughlin said, “The global shift towards decentralized digital currency is picking up momentum and Kinesis Money is setting a precedent in the precious metals space to provide the stable, trustworthy financial platform that modern consumers are looking for.”
The former minister of Portugal, Bruno Macaes have shared that Russia and China could be sharing the same plan in building a gold-backed cryptocurrency. Apart from that, Macaes also shared that he believes the country such as Iran, Venezuela, Russia and China are currently in the race to build a gold-backed cryptocurrency and suggested Europe should be working on the same.
A fintech firm headquartered in New York, Paxos Technology Solutions LLC has shared its plan in launching a golf-backed cryptocurrency soon. Its CEO Chad Cascarilla explained, “We are excited about the concept of being able to take a commodity, and I think precious metals are really obvious ones, and gold is probably the most obvious and being able to tokenize it.”
A gold-backed cryptocurrency named “PayMon” has been introduced by the Islamic Republic of Iran to bypass the international sanctions. The launching of the newly-launched gold-backed cryptocurrency has been made in a collaboration with four banks: the Parsian Bank, the Bank Pasargad, Bank Melli Iran, and Bank Mellat which shared that one billion PayMon tokens will be issued at the initial stage.