Lichestenstein will create its own stablecoin
The Union Bank AG announced this measure, which will be supported by the Swiss franc
Liechtenstein announced the creation of its own stablecoin through the Union Bank AG. It will be backed by the Swiss franc.
All this will be possible thanks to the authorization from the FMA, which is in charge of regulating everything related to finances in that country.
With this, Union Bank AG will be one of the first financial institutions to issue its own token, as specified in the official press release.
It is important to note that all the stablecoins are backed by financial products or FIAT currencies, so that they do not suffer from the usual fluctuations of the cryptocurrency market.
At the moment, the bank did not disclose relevant information regarding the technical details or whether they will use their own blockchain to control and record the transactions.
MH Dastmaltchi, president of the Union Bank, stressed the importance of the fact that the regulated institution can issue its own electronic token.
“As a licensed and regulated bank, we are in a privileged position to implement all the advantages of existing banking in conjunction with blockchain technology, which is why our stablecoin has the potential to change the entire system of international trade and international transactions,” detailed the manager.
K. Tovar
Source: DGAP
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