Reddit is surging with rumors about a new BEP20 token which is making its official public launch next month. SafeTitan is often called the China Coin online, but a more appropriate term gaining popularity is ‘The China Solution Coin.’
Of course, a lot of the talk surrounding this new currency is concerning its legitimacy in a playing field with hundreds of crypto currencies. Apparently, though, there are big plans in store for SafeTitan ($STTN) that could make it a game changer in Asia.
Cryptocurrency banned in China
Earlier this year China announced that it would implement heavy restrictions on crypto transactions. Additionally, the PBOC (People’s Bank of China) made it impossible to withdraw fiat currency from any national bank. While it’s not necessarily illegal to trade within China, banks can no longer accept any sort of deposit or transfer related to crypto. Businesses can still accept transactions, but citizens must use foreign resources to handle them.
Decentralized exchanges such as Binance cryptocurrency present a threat to China’s far reaching grip.
In order to retaliate against this new threat, the PBOC is making it clear that they are serious. One example of this happened in Northern Shandong province which cited that crypto is not protected by law. This judgement protected a bank from refunding 11,000 USD belonging to one citizen who intended to trade online.
Binance token, SafeTitan, and the Digital Yuan
China’s hard stance on digital currencies is ironic since it is making progress on its own version: the Digital Yuan. Seemingly, however, the coin has no intention of offering the same spirit outlined in the original Bitcoin manifesto. The PBOC would be in full control of this token and able to monitor all transactions. This is in direct contrast to the anonymity and freedom of decentralization that makes crypto attractive.
Chinese traders have another problem: network issues with DEX nodes. So far, traders inside the territory must use UniSwap, PancakeSwap, or other decentralized exchanges. But issues with broadcasting transactions makes it difficult for Chinese residents, and one company is setting out to solve it.
The Cryptocoin solution for China
With millions looking for a better way to trade inside China, there is a massive potential market for handling digital transactions. SafeTitan ($STTN) is looking to fill the gap with its own independent cross-chain DEX. This exchange would allow those in Far Eastern countries to trade on a decentralized platform that doesn’t break any current laws.
The SafeTitan Swap DEX, as it’s currently being called, will be read by late 2022. However, the details surrounding this new exchange as well as SafeTitan itself are still muddy. The idea is to raise 5-million USD on its official ICO on October 14. The BNB-paired token will not be available for BSC, but instead will work solely on the SafeTitan cross-chain node.
Most recently SafeTitan held a pre ICO lasted 48 hours and generated interest primarily through its Reddit community. Prices were locked in at 0.005 cents per token and users were able to make a minimum $100 USD purchase all the way up to $1,000 USD.
The company stated on its official blog that the funds raised during the presale would go toward promoting the BEP20 token. However, many users on the online forum were concerned about the rescheduling of the ICO to October 14th. Still, this helped to generate more attention for the coin as it focuses on building a larger team to program its ambitious cross-chain DEX.
Traders wishing to purchase STTN on the new date must be registered on the ICO App by October 9.
Story by Fernando Acevedo