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Singapore dollar and euro received stablecoin

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Singapore dollar and euro received stablecoin

Singapore dollar and euro received stablecoin
CONTENT

  • Globiance Launches Two Stablecoins With Six More On The Way

  • Stablecoins will simplify transcontinental payments

  • Stable coins will compete with CBDC

International consortium of news organizations developing transparency standards.

Globiance launched two new tokens at once, which are pegged to the Singapore dollar and the euro. In the near future, it is planned to launch six more tokens.

Zero gas fees and fast transactions

Singapore dollar and euro received stablecoin

Globiance has announced the launch of two new stablecoins that are pegged to real fiat currencies. So the market already trades SGDG coins, which correlate with the Singapore dollar 1: 1, and EURG, which is the digital equivalent of the euro..

“Stablecoins are built on the XDC XinFin blockchain, which allows for speed, almost zero gas fees; transaction time is 2 seconds. Stable coins fully comply with the KYC / AML and CFT rules. Each user will have to go through Globiance KYC / AML checks before starting trading, ”it said..

The company is not going to stop at this and in the near future plans to release six more new stablecoins: GBPG (pound sterling), HKDG (Hong Kong dollar), CNYG (Chinese yuan), JPYG (Japanese yen), USDG (American dollar) and KRWG ( South Korean won). According to the developers, these are the currencies that are most often used for international settlements, so the launch of their digital equivalent will help make transactions transparent, cheap and fast..

“Globiance is shaping a new standard for transparency and accountability in digital currencies, it will help increase confidence and facilitate the widespread adoption of stablecoins. Stablecoins, or digital fiat, use blockchain technology to improve the automation of payments and transactions, ”said Oliver Marco La Rosa, CEO of Globiance Group..

Globiance will also pay attention to the development of services for exchanging fiat money for their digital equivalents, speed up the process of international payments, and also make every transaction transparent..

Stablecoins will compete with CBDC

While Globiance launches stablecoins, some governments are gearing up to launch their own national digital currency (CBDC). For example, China is already testing the digital yuan in Shenzhen. Residents took part in the CBDC airdrop and get coins for free. During the first week of the experiment, participants spent 8.8 million digital yuan. On the other hand, the Chinese authorities are considering a direct ban on the issuance of corporate digital currencies that are pegged to fiat money..

South Korea’s central bank has also entered the race to create a digital currency. The regulator instructed the group to study the industry and make recommendations on legislation or amendments necessary to ensure the functioning of the CBDC.

Singapore dollar and euro received stablecoin

Japan has officially announced testing of the central bank’s digital currency. The bank admits that CBDC may become an alternative to the traditional yen. However, while the bank does not intend to issue any digital assets, but wants to prepare.

Whether America will launch its own digital dollar remains to be seen. Earlier, the BeInCrypto portal reported that the former Chairman of the Commodity Futures Trading Commission (CFTC) Christopher Giancarlo launched the Digital Dollar project, which aims to study the opportunities, risks and benefits of the implementation of the state electronic currency.

France, Germany, UAE, Turkey and other countries also announced the creation of their own cryptocurrency. It is expected that over the next 3-5 years more than 20 countries around the world will create and put into circulation digital money.

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