New crypto token PMGT is backed by real Western Australian gold

One of the largest processing companies in the world, Australia's Perth Mint, is launching its cryptocurrency. It is called the Perth Mint Gold Token (PMGT) and is technically a variation on the popular Ethereum cryptocurrency. The main difference is that PMGT tokens are backed by real physical gold and guarantees from the authorities of the Western Australia region.

Some in conditions of financial turmoil accumulate gold, others seek to trade it. Back in 2018, the Perth Mint launched the GoldPass tool to trade physical gold through electronic certificates. Because such transactions, implemented using blockchain technology, are fast, transparent and convenient for clients and investors. Now it's the turn of their own cryptocurrency - the authorities guarantee that each token can be exchanged for real gold from the mint's vaults, if desired.

The creators of PMGT are directly opposing tokens to other “stable” cryptocurrencies backed by the US dollar. Because the latter is rapidly losing its leading position in the global financial market, and investors are looking for something new and reliable - but at the same time liquid and easy to use. A gold-backed cryptocurrency looks like a pretty good alternative in such a situation.