I've been saying all along that governments or bankers will eventually come out with a cryptocurrency that will be backed by silver or gold, may be both.
As it is now, crytocurrency is really not backed by anything but what one believes.
I always said we need to go back to the Gold standard.
Russia and China have been pushing it by buying up tons of Gold.
So what do I see today is this article.
Like I always say, there's money to be made in crypto, and lots to be lost, silver and gold has and will continue to be a store of wealth, and they are way undervalued especially silver.
Read here:
Meanwhile, we did a little sleuthing and actually have found quite a bit of information about this new gold backed cryptocurrency. David Gibson of Goldvu.com confirmed by email that this is the new product Andrew was talking about. It will be called Bullioncoin. Here is quite a bit more detail about it. Below are some key bullet points from the web site on how it will work and then a few added comments.
http://www.silverdoctors.com/gold/gold-news/bullioncoin-gold-backed-cryptocurrency-meet-andrew-maguires-bullion-bank-buster/