One of the largest crypto exchanges worldwide announced its plans to launch its own stablecoin in 2019 as a part of its annual road map according to their official press release that reached our blockchain news.
Huobi’s CEO Chris Lee said during a presentation in Singapore, that the company is also considering the upgrade of its platform and the plans of international expansion:
“2018 brought us huge challenges but I’m personally optimistic about the crypto market. I do think we’ll see things get better this year. This year will be huge for stablecoins and we will be a part of that. Likely Huobi Group will launch its own stablecoin in 2019 in the first half of the year.”
Following the success path of many other major crypto exchanges, Huobi has already adopted another approach known as the hands-on approach to stablecoins in which cryptocurrency tokens are pegged to a stable value whether that is fiat currency or algorithmically pegged.
Last October, the platform revealed their support for four USD-backed stablecoins and also launched its own ‘’stablecoin solution.’’
Despite the many reports of laying off staff at the start of December 2018, Huobi says that it will continue to push the company into new markets and new limits and that’s when the company actually opened its Huobi Japan Platform. Having a license as a crypto exchange in Japan is mandatory since April 2017 after the amendment of the country’s Payment Services Act was imposed but the agency has continued to look out for applicants in 2018 as well after the huge $532 million theft of NEM tokens from Coincheck happened.
Huobi General is now ranked as the sixth largest cryptocurrency exchange by daily trading volumes according to the data showed on CoinMarketCap.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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