USDT Copycat Emerging in Romania
Bitcoin Romania, the firm behind the most prominent crypto exchange platforms for bitcoin and Ethereum all over the country, has released a USDT copycat crypto for the country’s fiat currency, the Leu.
USDT is hard to come by in Romania, leading to the emergence of RONcoin, also referred to as RONC. The capable consortium of Bitcoin Romania were first to adopt the idea.
Currently, customers can find more than 1 billion tokens equating to a total value of $246 million now ready to be traded, among them 25,000 tokens in circulation (each valued at $6,155).
A Secure Approach
The firm assures customers that their supply will consistently be facing an audit. The company’s official website states that they value transparency, so any transaction can be faced with an audit to be stored within the blockchain at any point in time. This guarantees the utmost security and efficiency for the new token.
Accounts are also audited on a regular basis and the user can access their balance any time. Users who want to issue or redeem RONcoins are required to fill out a form on the website first, using their personal details in order to allow the company to obtain profiles of their customers.
The new coin will supposedly be backed by a one-to-one ratio to RON, exactly like USDT, which is currently backed with an equal amount to the American dollar. This new revelation will allow the purchase of the stablecoin to be easy for citizens of Romania, but it is somewhat questionable because cash appears to be still quite dominant in Romania. Not many companies in Romania have adopted the use of cryptocurrencies.
But then BR, the same company that launched RONC, has also co-created terminals called Zebrapay that are set up across the country. They are designed to allow users to buy bitcoin and ethereum cryptos on the spot using cash.
It would seem that BR is in competition with itself after launching this project, but the fact that users cannot use Zebrapay if they want to sell their digital funds for RON has to be taken into consideration. The solution has appeared from RONC,since the ATMs from BR that allow a user to sell cryptos are only available in a few locations across the country.
However, it still isn’t clear how users can redeem RONC assets for cash.