Coinsquare Looks To Be Introducing A Canadian Dollar-Pegged Stablecoin
By Tyler Smith – Cryptocurrency Investor
Canadian cryptocurrency exchange, Coinsquare, has announced plans to introduce a Canadian Dollar-pegged stablecoin. The coin is planned for use as a cross-border payments and remittance solution enabling users to buy cryptocurrency and trade freely.
The eCAD will be the first stablecoin launched that is pegged to the Canadian Dollar (CAD) and has been chosen by the Canadian exchange to try and aid the adoption of cryptocurrencies and increase crypto buying and selling. The exchange views this initiative as one of the first steps towards bringing ‘stability and opportunity to the Canadian cryptocurrency market’ by creating a transparent, economical and secure way of transferring value.
Just with many other stablecoins, launching the CAD will offer the Canadian and global markets the stability of a fiat currency whilst providing all the benefits of a cryptocurrency. The eCAD will be backed 1:1 with the CAD which means for every eCAD created and in circulation, one CAD will be held in a reserve bank. Traders will be provided with reassurances to buy and sell cryptocurrency, so they know their funds are secure.
The addition of the stablecoin to Coinsquares offering has been described as an opportunity to explore ways to enhance and optimise financial services. Coinsquare are already entering the cross-border payments within the remittance sector but will also look to address peer-to-peer lending, merchant solutions, trade settlement and FX conversions.
Head over to our site for the most recent news in the crypto space or if you are looking for a trusted Bitcoin Broker to buy Bitcoin UK!
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards