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Liechtenstein Bank Prepares Launch of Crypto Backed by Fiat

A union bank in Liechtenstein will reportedly issue what they call the Union Bank Payment Coin, leading many to believe that they hope to be a comprehensive investment bank based on blockchain tech.

The principality’s government has been revealed to be supportive of blockchain and crypto tech, and previously detailed their commitment to implementing reasonable yet strong regulations regarding the industry to provide for a sustainable legal atmosphere that will only encourage the nation’s innovative goals.

Innovative Outlook

Due to consistent pressure on the region from various EU nations to adjust the manner in which they conduct business after the economic recession that affected the world in recent years, the principality has begun to set their sights on cryptocurrencies during Bitcoin’s initial popularity surge.

Meanwhile, C2C trading has not undergone any regulatory changes, and many exchanges are starting to find a place within the nation. By the time blockchain regulations pass, future developments are expected to happen quickly. Patrick Bont, a leading regulator in the nation, said that due to the small size of the region, they are able to complete the process much faster than in other countries.

The bank stated that by launching their UBPC, they are taking even more steps to becoming one of the most blockchain-accepting regions in the EU, and that their coin may obtain backing from such major currencies as the Switzerland’s franc.

Mohammad Hans Dastmaltchi, LUBA’s chairman, felt a positive atmosphere following the launch of the coin. He said that their ultimate goal was to achieve a first in blockchain investment banking, and support solutions that can result in efficient, cost-effective banking.

Binance, which is new to the region, and LUBA revealed complimentary opinions regarding the manner in which the government views crypto tech.

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