EDITOR NOTE: Asia Broadband Inc. and token developer Core State Holdings, Corp. are in the final stages of developing the AABB Gold token--finally, a gold-backed cryptocurrency. Central banks across the globe may feel pressure from privately-issued cryptocurrencies and, in response, are working to develop their own fiat-backed central bank digital currencies (CBDCs), but most consider private cryptocurrencies far from being a competitive threat to sovereign monies. But should a gold-backed token enter the global financial system, such a thing might certainly pose a real threat to its “stablecoin” counterparts--simply because fiat-backed stable coins are less stable than a coin whose backing by intrinsic value is recognizable across the globe. AABB’s goal is to become a global standard and medium of exchange, targeting large markets particularly India and China. As gold is still largely viewed as a “relic” among American lawmakers on both sides of the partisan fence, perhaps the Gold Standard 2.0 will not begin here in the US but in Asia, where “sound money” thinking is, ironically, much more freely combined with digital innovation. Despite digitization, a gold-backed digital currency would still be tethered to the scarcity of yellow metal supply. So, those who hold physical gold will only benefit from this disruption.
Asia Broadband Inc. (OTC : AABB) is pleased to announce that cryptocurrency wallet and token developer Core State Holdings, Corp. (CSHC) has completed the AABBGoldToken.com website for the Company. The token website will be the go-to knowledge base for all information concerning the soon-to-be launched AABB Wallet and AABB Gold token (AABBG). CSHC has confirmed that the iOS and Android AABB Wallet applications are in the final stages of testing, with an API currently being implemented allowing for users to see the real-time exchange rate of gold; which will be tied to the price of the AABB Gold token set at one-tenth of a gram or approximately $5.80 USD.
Additionally, CSHC has completed development of the algorithm and mechanism for the exchange of the AABB Gold token for other major cryptocurrencies. CSHC will commence the creation of the cryptocurrency exchange shortly after the exchange rate API has been implemented. This cryptocurrency exchange will allow users to quickly exchange their AABB Gold tokens for cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. In the future, CSHC plans to implement a crypto-to-FIAT exchange; allowing for users to exchange the cryptocurrencies for FIAT currencies such as USD, EUR or CAD.
The Company is now is in the final stages of collaboration with CSHC to complete a marketing strategy and campaign surrounding the AABB Gold token, AABB Wallet and expansion of the corporate brand. The marketing efforts are aimed to expand brand exposure and reputation, increase the use of the AABB Gold token and the AABB Wallet, and amplify general public and investment community awareness of the Company. To date, the Company has been very encouraged by the robust interest in the AABBG token from the general public and AABB community.
AABB’s primary goal for the token is to become a world-wide standard of exchange that is secured and trusted with gold backing, by expanding circulation targeting large population and high growth markets globally including India and China. The economic fundamentals of India’s high demand and interest in physical gold and China’s expanding use of its national digital currency and digital wallets could naturally lend themselves to the future use of the AABB Gold token. Strategically positioned as a revenue diversification and awareness project, the AABB Gold token will create liquidity and monetize physical gold holdings and future gold production.
The Company expects to go live with the launch of its AABB Gold (AABBG) token next week.
Originally posted on Yahoo! Finance