Chile Launches First Peso-Pegged Stablecoin
CLPX Inc has launched the first-ever Chilean peso-pegged stablecoin on the open-source Stellar Network called “CLPX token”.
According to the public ledger Stellar Expert, the launch took place on Monday, August 9th. Since then, there have been only 12,902 trades for $12,689 volume.
Chile has long wanted to provide a cheaper alternative to traditional peso money transfers. That’s why they came to the creation of CLPX.
CLPX Inc decided to use the Stellar Network because it has significantly lower fees than electronic or other money transfers. In addition, the Chilean CLPX token is pegged to copper as a hedge.
The company also intends to bring CLPX to the international copper market. The Latin American country is now the world’s leading long-distance copper supplier. And China became the main buyer of red metals from Chile.
While other Latin American countries, such as El Salvador, are preparing a regulatory framework for the introduction of cryptocurrencies, Chile is in no hurry with such innovations but is considering all the possibilities.
In late May, Chile’s National Electricity Coordinator (CEN) announced a Renova initiative that will use blockchain technology to track and record renewable energy use in copper production in the country.
Chile’s central bank has also been researching the topic of blockchain and CBDC since 2018 as part of its “Strategic Plan 2018-2022”.