European banks apply Venezuelan formula to issue cryptocurrencies

European bank Union Bank AG is the first fully regulated bank to launch its own security tockens, reported by press release, followed by Union Bank currencies. This banking entity took the step to offer the “capabilities” of the blockchain technology.

“Our Union Bank payment currency backed by a fiduciary currency has the potential to interrupt international trade and cross-border international transactions as a disruptive catalyst. Our initiative is an investment in the future and an important step to become the leading blockchain investment bank in the world, “said MH Dastmaltchi, Chairman of the Board of Directors.

With this important step the bank that belongs to the Liechtenstein Principality, this European country bets like Venezuela in this type of technologies to govern the cryptocurrencies, a bet to create a financial alternative without intermediaries, that between adepts and detractors has been gaining ground.

With blockain security, the transparency of cryptocurrency transactions is guaranteed.

Like the Caribbean country, the security tockens issued by this bank are the previous step for the creation of a stable cryptocurrency backed by fiduciary currency. With the authorization and support of the Financial Market Authority of Liechtenstein, (FMA), they direct their services to provide comprehensive financial solutions to their commercial clients, especially in the Middle East and the DACH region.

Venezuela to the step

 Facing the economic blockade sustained by the United States against Venezuela, the government of that country adopted alternatives in financial and commercial exchange, such as the establishment of Petro as the first cryptocurrency. In this way, the oil country finds its way into global trade and the receipt of financing. With the Economic Recovery Plan launched recently, the Petro is vital for the national economy.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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