The Royal mint of great Britain has cancelled a plan to launch a gold-backed token, in partnership with the Chicago Mercantile exchange (CME). About it reports Reuters, citing informed sources.

The initiative of the Royal mint found no support from the UK government, which is wary of being in a legal vacuum cryptocurrency initiatives. It may also be an indication of a more cool attitude to cryptogram from the CME, experts say.

Originally the Royal mint announced a plan to withdraw a gold-backed tokens, Royal Mint Gold (RMG) on the stock exchange CME in 2016. 1 RMG would be the equivalent of 1 g of gold, while the total supply of tokens would have been $1 billion New token was intended to provide investors the opportunity to easily buy physical gold and sell them.

The token was planned to start in autumn 2017, however, the CME suddenly refused to cooperate, leaving the project without a trading platform. Then the project to launch a “gold” token was not like the British Ministry of Finance, which considered the venture too risky.

“Unfortunately, due to unfavorable current market conditions it was impossible. However, we will review it as soon as the market will be a good opportunity” — commented the representatives of the Royal mint.

ForkLog previously reported that the testing platform for the trade of gold from the Royal mint and the CME Group was also attended by the popular wallet provider BitGo and blockchain startup alpha point. RMG was intended to radically change the perception of traders and investors on trade and transactions with precious metals.