Billionaire to Launch First Ever Cannabis-Pegged Stablecoin

Billionaire to Launch First Ever Cannabis-Pegged Stablecoin

THELOGICALINDIAN - Greek billionaire Alkiviades David has reportedly created the worlds aboriginal stablecoin called to the amount of acknowledged cannabis

Swissx Bank of Cannabis Issues SWX Stablecoin

As a press release accepted July 25, the alleged Swissx Bank of Cannabis (SBC), headquartered in the Swiss burghal of Gstaad, aims to accommodate the acknowledged cannabis industry with a accessory market. 

The absolution comes in bike with the Swissx Global Hemp Exchange, a barter appointment which will aid the project’s amplification internationally. 

As allotment of the release, a committed token, SWX Coin, will launch. Allegedly backed by hemp seeds account $750 actor and 250 actor Swiss francs ($252 million), creators affirmation it is the aboriginal such stablecoin called to cannabis-related markets.

“…We’ve acclimated Swiss banking ability to actualize the aboriginal coffer and cryptocurrency absolutely optimized for the acknowledged cannabis industry,” David, who is a co-owner of a Coca Cola bottling empire, commented in the columnist release. 

“The Swissx Global Exchange will be an accurate ability for the absolute industry… Together, the Bank and Currency and Exchange don’t aloof assure Swissx’s all-embracing operations run perfectly, it will become the agent for the fastest growing business area in the world.”

That area will be account $24 billion in the US abandoned by 2023, Swissx says. 

Modi Swapping Bhang Lassis For Stablecoins?

In Switzerland, cannabis burning charcoal illegal, except for low-grade affairs of beneath 1% THC. While not able abundant for a trip, back their amends in 2011 the articles accept generated huge tax revenues, totalling over 15 actor Swiss francs ($15.22 million) in 2018. 

Swissx Bank of Cannabis added appear a new accession to its lath in the anatomy of Denzil Douglas, above prime abbot of crypto-friendly St. Kitts & Nevis. 

A added analytical namedrop is India’s admiral Narendra Modi, whom Swissx describes as a accomplice of David’s added companies, which in about-face are “supporting” the initiative. 

As Bitcoinist reported, cryptocurrency projects accept continued been agriculture the accretion acknowledged cannabis industry. At the aforementioned time, added moves accept included a Hong Kong-based blockchain advance close diversifying its crypto portfolio by affective into the cannabis arena. 

“Both blockchain and automated cannabis are the future, and both are accepted by the adolescent generation,” Yao Yongjie, co-chairman of Grandshores Technology, commented about the accommodation in May this year. 

Bitcoin’s 2019 balderdash run has nonetheless larboard some investors aerial and dry, Bitcoinist noted aftermost month, antic appreciably bigger allotment in contempo times. 

What do you anticipate about a cannabis-pegged stablecoin? Let us apperceive in the comments below!

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