By Shelly Melancon (Switzerland)
Recent news is that the stablecoin which is claimed to be the worth of the Chilean peso is on the Stellar payments network however this stablecoin remains less popular as it is not yet distinguished with users. CLPX Inc, a Chile-based firm launched what was the first-ever Chilean peso pegged stablecoin called the “CLPX” token. Following the knowledge within the report on Stellar Network, since it was launched, the CLPX has had just a little volume of $12,689.
The CLPX stablecoin was created to give a less cheap option to the conventional Peso using the Stellar Network as it needs a much more substantial lower fee compared to wire transfers or remittance services. Consistent with the reading, the newly launched stablecoin –CLPX token is fixed to simplify remittances making it easier for worldwide investors to use the Chilean peso.
Copper Market
Another objective is to show Chile’s flourishing copper market. This is because it has been a crucial driver of economic recovery during the pandemic. Currently, Chile is the world’s leading copper producer and China is its main purchaser. Despite the anticipated goals and aims of the project what remains unclear is if the stage is ready for it to perform.
In addition to this, CLPX Inc is managed by an unfamiliar firm called “KB Trading”. There are no partnerships listed on the firm’s websites. Furthermore, despite the very fact that there has been a growing movement in Latin American countries towards adopting crypto following El Salvador’s Bitcoin law, there has been no discussion on Chile.
More on Chile’s Blockchain
The CEN said that the Renova initiative was using blockchain tech to trace renewable energy usage when producing Chile’s copper. The financial institution of Chile has also been studying the topic of blockchain and CBDC’s starting in 2018. This was a part of its “Strategic Plan for 2018 to 2022.” Mario Marcel, published a study report in 2019 stating that the financial institution was working towards the Chilean CBDC for cross-border payments, however, he acknowledged some concerns.
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