Source: thedailyeconomist.com
Today IEG Holdings announced that they were in negotiations to purchase a gold project which would become the collateral for a gold backed cryptocurrency. This new crypto will be regulated by the SEC, so it will not be decentralized.
Their plan is to create a currency that will be used to offer loans and they would accept the currency for loan repayments. They believe that by combining the blockchain technology with a hard asset backing will create a more stable cryptocurrency. One obvious benefit will be that the crypto will meet the requirements for use in IRAs, hedge funds and 401k's.
