Singapore has developed a national cryptocurrency
Even countries like Singapore recognize the unconditional merits of Blockchain and are actively exploring the crypto industry. This is a remarkable step in enabling today’s users around the world to more actively explore the benefits of digital technology. Moreover, the recognition and support of the crypto industry at the state level can greatly improve the economy. That is why, with an understanding of the described advantages, specialists from Singapore have developed a national cryptocurrency. Below we will tell you everything that is known about the new digital solution. We will discuss its merits, operating principle and potential. So let’s get started.
What is known about the new asset?
Let’s start with basic theory. Xfers, a well-known company in Southeast Asia, is behind the development of the project. The company has been developing digital solutions for several years. However, this is her first project of such phenomenal proportions. The created token received a ticker for the XSGD exchange. Apparently, the coin was developed by government order, since its value is fully pegged to the Singapore dollar. The pricing mechanism is simple and affordable. Indeed, the new token is based on the classic Blockchains for such projects. Ethereum and Zilliqa were used as the foundation.
Of course, since this is a state project, there can be no question of any anonymity. It should be understood that XSGD is not an ideological, but a commercial product that solves specific government tasks. That is why for the full use of the platform, registration with identity confirmation is required. This is a natural and expected solution.
How secure is the token?
Based on the statements of the developers, we can conclude that the token has passed all the necessary tests and is completely ready for work. Independent experts have thoroughly assessed the performance of XSGD. The token fully complies with the high FATF standards. As a reminder, FATF is the leading regulator of the quality of digital projects in the industry. To comply with the requirements of the organization, the Singapore national token provides for a risk assessment system and verification of transfers.
These tools create transparency and are essential to maintaining honesty, not only on the user side, but also on the tool side. The project is certified by regional financial regulators. Local professionals also evaluated XSGD and found nothing suspicious about the project. So there is no doubt about the reliability of the coin. We are dealing with is a serious national cryptocurrency. Another question is how much the market needs it in principle. Let’s figure it out.
Significance of Singapore’s National Cryptocurrency
Investments in countries are at their peak of popularity today. Many investors prefer to invest money not in a specific company, but in an entire country. Of course, the economies of many countries are expanding, becoming more affordable and more reliable. Singapore is no exception. The Gross Domestic Product of this state annually grows by 3.1%. This, we recall, is one tenth of a percent more than the indicator of Hong Kong. That is why it is convenient to invest in a country with a favorable investment climate through cryptocurrency. You just buy tokens, and they rise or fall, depending on the behavior of the Singapore dollar. XSGD, which is already represented on most regional exchanges, will really help in this work. In the near future, the release of the coin to American and European trading floors is being considered. It remains only to wait.
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