Gold development and tech company Blue Gold Limited has changed its vision and long-term strategy to shift its services into the tokenization of gold, offering its customers the ability to buy real-world goods and services using the new set of tokens, as per an official press release.
The prepared statement by the firm says that Blue Gold’s mission is to provide a gold-backed currency that can be used as a payment solution across borders.
In 1971, the U.S. removed gold as the main commodity backing the dollar, changing its currency to a free-floating one.
“Blue Gold is aiming to create the first global gold-backed digital currency. It is a bold and audacious plan, but it is supported by significant macro trends that include the wider use of the blockchain to real-world assets,” said CEO Andrew Cavaghan.
Gold has always been a store of value, but in the past 50 years, fiat currencies have become de linked to hard value, leading to significant devaluation over time. We want to return it to real money, using the blockchain,”
Blue Gold Limited was created in 2023, and its main flagship project is the Bogoso Prestea Mine in Ghana.