Green World Fintech Services plan to launch an ERC-20 token that will have a constant value linked 1:1 to the Taiwanese Dollar (NTD), reports local news agency Inside.
As with other stablecoins like Tether (USDT), the token aims to provide a reliable way to store digital currency without the volatility associated with most cryptocurrency.
The token will be called Taiwan Digital Token (TWDT) and reportedly stands to benefit from a unique tokenization process that will reduce its exposure to money laundering or fraud. Green World say they will be working closely with auditors and regulators to ensure compliance is met, with complete transparency being practiced throughout the project to ensure tokens do not exceed the supply of fiat currency.
Users accounts will have to be associated with accounts of trusted traditional financial institutions in the country to verify personal information. In addition to making the tokens available for purchase online, Green World also hope to roll out ATM-like machines around the country where users can purchase tokens.
Green World are already owners of one of the largest payment processing firms in the country, EC Pay, and as such are in a unique position to utilize existing infrastructure to support the project.
The Taiwanese government have a positive attitude toward cryptocurrency and hope to see widespread growth for the industry. Green World hope the TWDT tokens will further encourage businesses and individuals within the country to adopt and invest in blockchain technology.
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