OKCoin Founder Star Xu Announces Chinese Yuan-Backed Crypto.
OKGroup founder Star Xu, who was reportedly the subject of a Shanghai Municipal Police investigation, recently broke his radio silence on Twitter to reveal his plan to launch a Chinese Yuan-backed stablecoin.
Much to the chagrin of decentralists, who claim that stablecoins only aid centralized institutions, crypto savant Xu explained that this form of cryptocurrency is electronic cash “in essence.” Elaborating on this somewhat inflammatory comment, the industry leader claimed that the only difference between government-issued currencies and stablecoins is the medium that they are transacted through.
As the digitalization of the world continues, Xu expects for the establishment of a CNY-backed crypto asset to be part of an “inevitable trend,” as innovators believe that the tokenization of currencies worldwide will only bolster the global economy. He wrote:
Capitalizing on this apparent “trend,” the OKCoin founder explained that his exchange’s USA division will launch a “fully compliant stablecoin” in the near future, but did not give any more details regarding the matter.
Taking his earlier comments into context, it can be assumed that OKCoin USA is currently exploring options to code, back, and issue a digital asset that will legitimately represent the Chinese Yuan.
| OCTOBER 11, 2018 | 11:00 AM
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