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Samsung will build wallets in budget phones, the French Central Bank supports stablecoins. Paxos allows users to instantly withdraw fiat money.
In March, Samsung presented its flagship phone Galaxy S10 with support for a cryptocurrency wallet. Now the management of the company announces the expansion of this experiment due to the introduction of similar functions in budget models. Here they assure that mobile devices have maximum protection during cryptocurrency storage.
In addition, there is the likelihood of creating their own cryptocurrency Samsung Coin based on Ethereum. So far, this project is at the stage of development and testing, but now experts are talking about the great potential of the new asset. The integration of technical and financial capabilities of Samsung can significantly increase the interest of users to its products.
Since 2015, Francois Villeroy de Galhau has been the President of the Bank of France, and he has always been a cryptocurrency skeptics camp. Therefore, his statement about the high potential of stablecoins can be called sensational. In addition, de Galhau expressed support for the tokenization of traditional financial assets.
The heads of central banks rarely support cryptocurrencies, as they are direct competitors of the classical financial system. However, even they have to recognize the potential of blockchain technology. So, in early 2019, Brazil began testing state stablecoins. So far this case is an exception. However, there is no doubt that in the future centralized cryptocurrencies will become commonplace.
the reason for stablecoin
The company Paxos announced the beginning of work on a new platform. This allows you to instantly convert stablecoins PAX to fiat money and transfer them to a bank account. Thanks to this innovation, each user will be able to store and quickly exchange funds in PAX tokens, which are tied to the US dollar in a 1: 1 ratio.
The user can quickly convert them to other cryptocurrencies, or convert them to fiat money. This was made possible through cooperation with the company itBit, which is responsible for the technical side of the project. The total capitalization of Paxos tokens is $ 195 million, and the company recently announced plans to release additional tokens with reference to a basket of precious metals.