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The Stellar Network Has Launched The Chilean Peso Stablecoin

On the open-source Stellar payments network, a new stablecoin linked to the value of the Chilean Peso is already operational, but it has yet to gain traction among users.
CLPX Corp, based in Chile, has created the “CLPX” token, which it touts as the first-ever Chilean Peso pegged stablecoin.
Since its inception on Monday, the stablecoin has witnessed only $12,689 in activity from a total of 12,902 deals, according to the public ledger on Stellar Expert.
CLPX was created to be a less expensive alternative to traditional Peso-based remittances, and the company uses the Stellar Network since it has “significantly” lower rates than wire transfers or remittance services.
“The new CLPX token will simplify remittances and make it simple for investors around the world to use the copper-linked Chilean peso as a hedge,” according to the statement.
CLPX is also looking to provide worldwide exposure to Chile’s burgeoning copper market, which has been a key driver of the country’s economic recovery in the wake of the global epidemic.
Chile is currently the world’s biggest copper producer by a wide margin, with China being the primary importer of Chile’s red metals.
While the project has boasted about its lofty goals, it is unclear how well the scene has been set for it to succeed.
Aside from the modest volume, CLPX Inc is controlled by “KB Trading,” a relatively unknown corporation with no declared partnerships on its website.
While there has been a increasing tendency in Latin American and Spanish-speaking countries working towards crypto acceptance in the wake of El Salvador’s Bitcoin bill, the legal landscape in Chile has been rather quiet.
Chile’s National Energy Coordinator (CEN) unveiled the Renova program in late May, which will employ blockchain technology to track and record the use of renewable energy in Chile’s copper production.
From 2018, the Central Bank of Chile has been exploring blockchain and CBDCs as part of its “Strategic Plan for 2018 to 2022.” In 2019, Mario Marcel, the Governor of the Central Bank of Chile, presented a research paper stating that the central bank was considering a Chilean CBDC for wholesale adoption and cross-border payments, but that infrastructure costs were a worry.

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