The Royal mint of great Britain (the Royal Mint) has frozen the process associated with the release of cryptocurrency Royal Mint Gold (RMG) secured by physical gold. Despite the fact that he signed a cooperation agreement with the Chicago Mercantile exchange (CME Group), the government vetoed the plans. News Agency Reuters reports the confirmation of this information from three sources.

Representatives of the Royal Mint confirmed to the Agency that was hoping to launch RMG in the spring of this year, but “unfortunately, due to current market conditions at the moment it is impossible,” and they will be able to return to the issue when conditions become more favourable.

We will remind, the idea to publish on the blockchain platform CME cryptocurrency backed by gold at $1 billion, which had been founded 1100 years ago, the mint, appeared in 2016. The project could become the world’s first case direct involvement of the government of a developed country in the cryptocurrency industry. The launch of the RMG was held in the fall of 2017, but at the last moment postponed by the decision of management CME. In November, the Royal Mint has shown a working blockchain-the mechanism for tracking the trade in gold bullion. However, the mint partnership with cryptocurrency exchange the Ministry of Finance in early 2018 considered an invalid game with a reputation not allowed.