UK Royal Mint Working On Plans To Issue Gold-Backed Physical Bitcoins
2013-12-02 0:00

From: Blacklisted News



The implicit, and ever more explicit, institutional acceptance of the dominant cryptocurrency Bitcoin (we say dominant because as we pointed out last week, there has been an unprecedented spike of digital currencies one can pick and choose from) continues when following the surge in vendors willing to transact in BTC over Thanksgiving, the latest news comes from the birthplace of the modern central bank, the UK, where we learn that none other than the UK Royal Mint has been working on plans since this summer to issue physical Bitcoins in collaboration with the Channel Island of Alderney.

But where the story gets downright surreal is that as the FT reports, the same symbolic Bitcoin token issued by the Royal Mint “would have a gold content – a figure of £500-worth has been proposed – so that holders could conceivably melt and sell the metal if the exchange value of the currency were to collapse.” In brief: a perfect, and utterly incomprehensible, fusion of (opposing) hard, soft and digital currencies all rolled into one…

From the FT:
The tiny Channel Island of Alderney is launching an audacious bid to become the first jurisdiction to mint physical Bitcoins, amid a global race to capitalise on the booming virtual currency.

The three-mile long British crown dependency has been working on plans to issue physical Bitcoins in partnership with the UK’s Royal Mint since the summer, according to documents seen by the Financial Times.

[...]

Read the full article at: blacklistednews.com



Tune into Red Ice Radio:

Clif High - Hour 1 - Bandwidth Caps, Bitcoin, ISON & Nummo Origins

Jason Erb - Hour 1 - Economic History & Alternative Currencies

John Perkins - An Economic Hitman on Predatory Capitalism & Corporate Monopoly

Catherine Austine Fitts - Swine Flu, Vaccination & The Economy

Bill Still - Hour 1 - Fixing Greece, The Crumbling EU & Monetary Reformation

Walter Block - Hour 1 - Libertarian Philosophy & Anarcho-capitalism

Tracy Twyman - Alconomics, Money & Magic



Related Articles
Today’s Strange Bitcoin Idea, The Gold Backed Bitcoin
Bitcoin site is hacked, with $1million of the virtual currency stolen
Meet Dark Wallet – How Crypto-Anarchists Will Store Their Bitcoins
Bitcoin Group to Meet with 7 Government Agencies
Why Bitcoins Are Just Like Gold: Both are valuable because we say so
World’s First Bitcoin ATM Is Announced - First Location: Cyprus
Bitcoin: Segway, Cigarette, or Gold Doubloon?


Latest News from our Front Page

Pressure from the United Patriots Front Stops Mosque Plan
2016-04-28 20:10
Pressure from the United Patriots Front appears to have killed off a mosque development in Narre Warren North. The City of Casey council now looks likely to withhold planning approval for the development in a special meeting set for Tuesday night. A council report, to be considered by councillors on Tuesday, recommends that the approval be blocked. The mosque opponents’ cause has been helped by councillor ...
Police face questions over the influence of the Freemasons
2016-04-28 20:48
South Yorkshire Police today face questions over whether powerful 'secret society' the Freemasons held sway over the force at the time of Hillsborough. Families of victims say that officers who were Masons were promoted into powerful positions despite being ill-equipped, including match commander David Duckenfield. Duckenfield told the fresh inquests he had been a Freemason since 1975 and became head of his ...
England Bans its Own Flag to Avoid Offending Muslims
2016-04-27 2:23
St. George's Cross "racist" towards immigrants Government officials said their city was ‘too multicultural’ to celebrate St George’s Day, England’s version of the 4th of July. The council said that displaying the English flag may have been seen as “racist” towards immigrants.
Half of Western European men descended from one Bronze Age ‘king’
2016-04-27 2:09
Half of Western European men are descended from one Bronze Age ‘king’ who sired a dynasty of elite nobles which spread throughout Europe, a new study has shown. The monarch, who lived around 4,000 years ago, is likely to have been one of the earliest chieftains to take power in the continent. He was part of a new order which emerged in ...
"Local Residents" Are Filmed Stealing Dozens of Bottles of Water at London Marathon Stop
2016-04-25 23:10
Editor's Comment: "Local" residents? Why bother blurring their faces? We know who they are. ... London marathon runners were robbed of dozens of bottled waters when thieves raided a refreshment area armed with trolleys during today's race. Nearby residents - including parents with children - were captured on camera piling up crates of free water handed out by volunteers during the 26-mile event. Marathon ...
More News »