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Liechtenstein Union Bank AG to Launch Fiat Backed Crypto

A bank in tiny Liechtenstein has announced its own security tokens and fiat backed cryptocurrency.

Liechtenstein Union Bank AG is to issue Union Bank Payment Coin (UBPC) and suggests that it is planning to become “full-service blockchain investment bank”.

The Liechtenstein government has a very pro stance on new technology and has suggested in the past that it wants to provide sensible but cohesive blockchain regulations in order to create a stable legal environment that will help further the country’s innovation within the sector.

Under pressure from other European nations to change the status quo in Liechtenstein following the global economic crisis, the county started to look at digital currency at about the same time that Bitcoin was beginning to become a byword in financial markets.

In the meantime, crypto-to-crypto trading hasn’t been regulated and exchanges are beginning to make a home in the country. Once the blockchain legislation goes through, further developments are predicted to be swift. Patrick Bont, the country’s top regulator explains:

“Because we are so small, blockchain companies can move a lot faster here than other countries… You can call us for a meeting on Monday morning and we can meet you for lunch on Tuesday or Wednesday. Very few other places can do that consistently.”

The Union bank has said that the launching of the new UBPC coin is a further step to becoming a blockchain-friendly nation and that the coin will be backed by major currencies such as the Swiss franc. The bank’s chairman Mohammad Hans Dastmaltchi was positive about the new release:

“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.”

Both Binance, new to the tiny principality, and Union Bank were highly complimentary about the government’s open stance on blockchain and cryptocurrency. Under the most recent guidelines from the European Securities and Markets Authority (ESMA), the first fully compliant cryptocurrency exchange is now open for registration.

 

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