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Planned ICO will not only create a gold backed cryptocurrency for payments, but also establish a private central bank on the Blockchain

The 32nd known gold backed cryptocurrency is now in the works as an announcement on Feb. 24 by Golden Currency is seeking to take the Blockchain to new heights by creating not only a gold backed currency payment system, but also a ‘private central bank’ for the purpose.

Golden currency will be both a physical and digital currency that will offer all the protections of a Blockchain crypto while also acting as the payment processor for its use as a medium of exchange.

The project of the first global private money is planning an USD 200 million ICO (initial coin offering). The new currency will be used both for cash and electronic payments, will be 100%-backed by gold, will provide fast and cheap crypto currency and fiat currency exchange and payments, and will provide many other advantages to successfully compete with fiat money.  Golden Currency. 

The name of the new currency that will be issued is Golden. The project involves not only the establishment of “private Central Bank” and issuance of the currency, but also all the infrastructure for it, including global bank network with ATMs, bank cards, POS-terminals and crypto-fiat-currency exchange.

The ICO of the project is coming in 2018, the seed round of financing is already started and will be live till April. According to preliminary valuation, the ICO could be one of the largest in the market with preliminary USD 200 million target. At the current stage the developers announced the start of the project to examine the demand, to start an open discussion of the project with the wide society and potential anchor investors – the aim of Golden Currency developers is to fulfill all regulations and investors demands to be able to conduct fully legal ICO on the markets, where such regulation is needed (for example, USA).

The Golden currency will be used for cash and electronic payments and wire transfers. The global network of Golden banks will provide online bank and phone apps with integrated currency exchange and global low-cost real time payments. Multicurrency accounts for users will provide the possibility of currency-agnostic payments and real time low-cost fiat and crypto currency exchange. – Digital Journal

While it is still early in the process, it is interesting to see a concept such as this where the attributes of money, gold, cryptocurrency, and a private central bank are all integrated under one roof, and where the model be utilizing the Blockchain platform to ensure security and transparency.
Source: thedailyeconomist.com

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