Liechtenstein Bank Plans Issuing Its Own Swiss Franc-Pegged Cryptocurrency
August 24, 2018
Union Bank AG has declared its wish to issue its own cryptocurrency in accordance with the requirements of the Liechtenstein regulator. The new cryptocurrency will be backed by the Swiss franc.
“Our goal is to become the world’s first blockchain investment bank and to provide tangible solutions which help drive efficiencies, reduce cost base and open up new revenue opportunities for our customers and intermediaries alike. Our fiat-backed Union Bank payment coin has the potential to disrupt the approach to international trade and international cross-border transactions”, the statement runs.
Prime Minister of Liechtenstein Adrian Hasler has approved these plans:
“We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein”.
Currently Liechtenstein is elaborating its law on blockchain that is to support blockchain companies and establish universal legal basis for crypto environment.
Many financial institutions of the world today consider involving cryptocurrencies in their operations.