Frequently asked questions
We appreciate that you might have questions about RMG and we hope that the FAQs below answer most of these. FAQs to be placed here. If your question has not been answered in the FAQ section below, please reach out to us by filling in the contact form, and we’ll be in touch with you soon.
The Royal Mint is the world’s leading export mint with centuries of experience and expertise in gold.
Royal Mint Gold RMG® is fine gold on a blockchain. It is a digital representation of fine gold secured in The Royal Mint's vault. For thousands of years gold has been recognised worldwide as the ultimate means of trading and storing wealth, ensuring a level of confidence, trust and security with each transaction.
Each RMG® represents ownership of 1g of fine gold. RMG holders can request delivery of their physical gold from The Royal Mint, at any time. RMG® has no gold storage or management fees to erode long term asset value and RMG® ownership is evidenced on blockchain – which is a permissioned distributed ledger that is fully visible on the internet.
RMG® transforms physical gold into a modern digital asset by adding the accessibility, speed, security, transparency and trust that blockchain technology provides.
Bitgo’s technology solves the most difficult security, compliance, and architectural blockchain challenges, enabling businesses to integrate digital currencies into their existing financial systems. BitGo has developed a highly transparent and scalable blockchain and multi-signature wallet solution for RMG.
For more information visit the BitGo.
Civic is a trusted and secure identity app and is the choice of The Royal Mint and BitGo to provide ID checks for our customers. With Civic’s identity validation, it will be the first time KYC services are provided for BitGo-hosted wallets.
One RMG represents ownership of 1g of real gold. The price of RMG will fluctuate in accordance with the price of gold but The Royal Mint will sell at a premium to gold but will not charge storage and/or management fees. There is a change of hands fee when you transfer RMG from one wallet to another. This is chargeable to the sending wallet.
A blockchain is a distributed ledger of transactions, maintained by a peer-to-peer network of computers. The ledger is continually updated and replicated across the network keeping the copies in sync between the global locations as commerce continues. Blockchain’s purpose is to facilitate and trace the movement of digital assets from issuance to current owner via a chain of transactions from sender to receiver ensuring and demonstrating that no duplication of assets can occur at any point.
Transactions within a blockchain are secured and time-ordered using cryptography. Cryptographic signatures limit who can create transactions to only those who can prove their ownership of the assets being transferred, only if you have the key. RMG wallets manage your cryptographic keys and signing processes for you and are accessible via easy to use webpages.
Everyone is free to view the blockchain and to verify the integrity of its mathematics with the open source software, Prova. A publicly viewable and verifiable ledger means anyone can check that the total amount of RMG in issue is in line with the audited RMG vault holdings for instance, or confirm that a payment went to the place they had thought they’d sent it. Real world identities are not made public. Transactions on the blockchain are sent between blockchain ‘addresses’ (long strings of random numbers) and it is at the discretion of the RMG owner whether or not to declare one or more of their addresses. The blockchain may be viewed through the RMG BlockExplorer website, or by downloading and running your own network node here.
Like most peer-to-peer networks, blockchains have extremely high uptime. If you don’t want to trust that this will always be the case then you have the option of running your own node just to make sure.
In the case of RMG, its blockchain acts as an irrefutable and indestructible record which, when paired with your cryptographic keys, can attest that you are the true owner of your gold. This durable record keeps your gold yours, no matter what.
Everyone is free to view the blockchain. A publicly viewable blockchain means anyone may check that the total amount of RMG® in issue is in line with the audited RMG® vault holdings. Real world identities however are not public. Transactions on the blockchain are sent between blockchain ‘addresses’ (long strings of random numbers) and it is at the discretion of the RMG® owner whether to declare their own addresses publicly or not. The blockchain may be viewed through the public RMG® BlockExplorer.
Prova™ is an open-source distributed ledger for trading a commodity or digitised asset. It combines the transparent ownership, reduced costs, and global access of blockchain with the governance and safety-rails required by financial institutions and investors.
Developers, businesses and researchers can now access, evaluate and test the code by visiting the Prova website.
Prova for RMG® is a permissioned blockchain protocol. Many of the blockchain consortiums that build private blockchains for financial institutions and other enterprises follow this model.
A permissioned blockchain restricts the actors who can contribute to the consensus of the system state. In a permissioned blockchain, only a restricted set of users have the rights to validate the block transactions.
Permissioned blockchains do not have to use the computing power based mining to reach a consensus, as all the actors are known.
The technology has a built-in self-auditing system that verifies and reconciles transactions in intervals. The ‘blocks’ are the group of transactions that occurred between each system audit interval.
By storing blocks of information that are identical across its network, the blockchain cannot be controlled by any single entity and has no single point of failure. By storing data across its network, the blockchain eliminates the risks that come with data being held centrally. Its network lacks centralised points of vulnerability that computer hackers can exploit.
All validators and wallet holders in the permissioned RMG system will have to evidence themselves adequately in accordance with applicable law for the purposes of Anti Money Laundering/Know Your Client (KYC) in order to be granted access to, and to maintain access to, the network.
The Royal Mint's vault is a purpose built precious metal storage facility, built by The Royal Mint and located in our 35-acre site, the same site that is trusted by Royalty and Government to accommodate the production of Royal Mint Bullion.
The Royal Mint are responsible for adding the digital representation of the gold to the blockchain.
The gold is reconciled daily by The Royal Mint and externally audited every six months.
The physical gold that the RMG® represents, is held on an pool allocated basis in a secure vault and is owned by the RMG holders. The Royal Mint acts solely as custodian of the gold which can be delivered to an RMG holder at his/her request. The Royal Mint has no claim on the gold.