Bank of Canada, ‘dollar-based digital currency in a few months’ Issue

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[Blockchain Today Reporter Park Yohan] Jean Desgagne, CEO of Stablecopr, said, “The purpose of VersaBank’s digital currency is to reduce concerns about the high volatility and security of cryptocurrency.” Said.

On the 24th (local time), Versa Bank announced that it has plans to issue digital currency VCAD. He said VCAD differs from other cryptocurrencies in that it is based on the Canadian dollar deposited in the bank.

The Bank of Canada said, “VCAD will be issued through a Canadian bank and will be the first digital currency to actually replace real money.” “We have signed a partnership with 3iQ, an investment fund management company, and Stablecorp, an investment joint venture of Mavennet, a blockchain company, for the launch of stablecoin,” said Versabank.

It is reported that Versabank plans to release VCAD within a few months. Bursa Bank issues digital currency to financial institution partners who have deposited Canadian dollars, and financial institutions that issued VCAD provide VCAD to individuals and businesses.

“VCAD aims to address the two big problems of traditional cryptocurrencies: volatility and security,” said Jean Desganyu, CEO of Stablecorp. The bank is also reported to be planning to develop digital currencies VUS and VEuro based on US dollars and euros.

Bursa Bank is considered one of the few fully digital financial institutions. We do not operate physical bank branches for transactions.

Although not based on banks, 3iQ and Mavennet have issued stablecoins based on Canadian dollars. Earlier this month, the company introduced QCAD, an ERC-20 token. According to Etherscan, more than 170,000 coins have been issued at present, with a price of 0.7854 dollars per piece, with a total amount of about $133,000.

In addition, VCAD is said to be not the only Canadian dollar-based stablecoin in the Canadian market. Currently, Coinsquare supports eCAD and TrustToken’s TrueCAD.

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