Romania’s first stablecoin called Roncoin will soon be available to users within the country.
Romania is a bit low-key terms of cryptocurrency. However, Roncoin is endeavouring to shift the attention of the industry in their direction. As Business Review reports, Roncoin is a creation of Bitcoin Romania, a blockchain company. Bitcoin Romania also offers cryptocurrency exchange services within Romania.
Challenges for Romania’s first stablecoin
Business Review reveals that every unit of Roncoin will correspond to one unit of RON, the Romanian fiat currency. This implies that the Roncoin will be as stable as the Romanian currency itself unlike common cryptocurrencies like Bitcoin.
Roncoin offers an alternative to Romanians who choose to stay outside cryptocurrencies proper due to attendant risks. Particularly, price volatility is a major concern for cryptocurrencies. The prices fluctuate so wildly that some countries advise their citizens to avoid the digital assets.
Startup.ro, a local crypto news outlet observes that Roncoin has a mountain to climb. It reveals that most of Romania uses cash and there is very little crypto activity in the country. Particularly, very few businesses accept cryptocurrencies as a means for settling transactions.
A little effort by firms such as Zebrapay is bringing the country to life as far as cryptocurrency is concerned. Zebrapay is a payments business which only accepts Bitcoin and Ethereum. However, it is not yet clear if it will begin accepting Roncoin.
Built on the Ethereum blockchain network, there is a little over 1 billion Roncoin tokens available for trading. This is close to $246 million. Particularly, only 25,000 tokens of Romania’s first stablecoin are in circulation. However, Bitcoin Romania hopes that as more people get to know about the digital assets, uptake will increase.