The Royal Canadian Mint tried to launch a digital currency venture and failed, losing millions in the process, according to the Crown corporation’s latest annual report.
Figures from that report were released on May 9, and Alex Reeves, a spokesman for the Mint, would not provide details, according to Blacklock’s Reporter.
“We have nothing to add. We do not segment the reporting of operating costs nor investments by business line,” Reeves said, adding that the information was considered “commercially confidential.”
The Mint did not respond to an inquiry by press time, but according to the Mint’s 2022 Annual Report, the government-owned currency manufacturer sold the MintChip, a custom-made digital currency, to NanoPay, a Toronto start-up, for a cash consideration of $5 million on closing and an $11 million secured promissory note, with a 4 percent interest rate….