Reddit is full of rumors about a new BEP20 token that will make its official public launch next month. SafeTitan is often referred to as China Coin Online, but a more appropriate term that is gaining in popularity is “The China Solution Coin”.
Of course, much of the talk around this new currency is about its legitimacy in a playing field with hundreds of cryptocurrencies. Apparently, however, there are big plans in store for SafeTitan ($ STTN) that could be a game-changer in Asia.
Cryptocurrency banned in China
Earlier this year, China announced that it would be implementing heavy restrictions on crypto transactions. In addition, the People’s Bank of China (PBOC) made it impossible to withdraw fiat currency from a national bank. While it is not necessarily illegal to trade in China, banks can no longer accept any sort of crypto-related deposit or transfer. Businesses can still accept transactions, but citizens must use foreign resources to manage them.
Decentralized exchanges such as Binance cryptocurrency pose a threat to China’s considerable hold.
In order to fight back against this new threat, the PBOC is making it clear that they are serious. An example of this happened in North Shandong Province which cited that crypto is not protected by law. This judgment protected a bank from reimbursement of USD 11,000 belonging to a citizen who intended to do business online.
Binance Token, SafeTitan and the Digital Yuan
China’s firm stance on digital currencies is ironic as it is moving forward on its own version: the Digital Yuan. Apparently, however, the coin does not intend to offer the same spirit as depicted in the original Bitcoin manifesto. The PBOC would have full control over this token and would be able to monitor all transactions. This contrasts directly with the anonymity and freedom of decentralization that makes crypto attractive.
Another problem for Chinese merchants is network issues with DEX nodes. So far, traders inside the territory have to use UniSwap, PancakeSwap or other decentralized exchanges. But problems with broadcast transactions make it harder for Chinese residents, and one company is working to resolve them.
The Cryptocoin solution for China
With millions of people looking for a better way to trade inside China, there is a huge potential market for digital transaction processing. SafeTitan ($ STTN) seeks to fill the void with its own independent cross-chain DEX. This exchange would allow those in the Far Eastern countries to negotiate on a decentralized platform that does not violate any applicable law.
The SafeTitan Swap DEX, as it is currently known, will be read by the end of 2022. However, the details surrounding this new exchange as well as SafeTitan itself are still unclear. The idea is to raise 5 million USD on its official ICO on October 14th. The BNB matched token will not be available to BSC, but will only work on the SafeTitan cross-chain node.
Most recently, SafeTitan hosted a 48-hour pre-ICO and generated interest primarily through its Reddit community. Prices were stuck at 0.005 cents per token, and users could make a purchase of at least $ 100 up to $ 1,000.
The company said on its official blog that funds raised during the presale will be used to promote the BEP20 token. However, many users of the online forum were concerned about the postponement of the ICO until October 14. Still, it helped generate more attention for the play as it focuses on building a bigger team to program its ambitious cross-channel DEX.
Traders wishing to buy STTN on the new date must be registered on the ICO app by October 9th.
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