MiMo DeFi Protocol: World’s First Decentralized Lending Platform to Mint Euro Stablecoin PAR

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SINGAPORE, March 26, 2021 (GLOBE NEWSWIRE) – MiMo DeFi has recently revamped its Web App and Wallet with a simple and straightforward UI/UX and added more cryptocurrencies, such as ETH, WBTC and USDC, for vault lockup to mint Euro stablecoin PAR (Parallel).

Without Spending Digital Assets, Users can Mint Euro-Pegged Tokens

As the world’s first Euro DeFi (decentralized finance) lending platform, MiMo facilitates the minting of PAR (Parallel), a token algorithmically pegged to the Euro. Users lock up their digital assets as collateral in a virtual vault, as opposed to spending them. Implemented on-chain, this makes PAR the first fully decentralized Euro stable token of its kind.

Benefit from Market Appreciation of Digital Assets

With MiMo DeFi, users retain ultimate control of their locked up digital assets as long as the digital assets are sufficient in value. This means users can continue to benefit from the price appreciation of their digital assets in the market while at the same time minting PAR tokens, which can also be used in the DeFi marketplace.

Generate Income through Staking on Liquidity Pools

Besides the opportunity to take advantage of the attractive 2% lending rate offered on the MiMo DeFi platform, users can also benefit from high-yield returns when they place their PAR tokens in liquidity mining pools.

The MiMo DeFi Solution: Make the Most of your Digital Assets

MiMo DeFi is backed by the team of developers that launched TenX in 2017, a wallet platform designed to be used in conjunction with a debit card allied with the Visa network. The platform was successfully used by many as a crypto payment solution in numerous countries worldwide.

The team continues to be at the forefront of the most innovative solutions and services for the crypto sphere. The MiMo DeFi platform was borne of a vision to help cryptocurrency users optimize their digital assets easily in a transparent manner utilizing blockchain technology. Feedback from users made the team realize that users did not want to spend away digital assets as that would mean the end of the crypto journey, the loss of desired ongoing exposure.

In the last two years, crypto assets in the DeFi space have been one of the fastest growing categories. Last year in March 2020, the TVL (total value locked) in DeFi was USD 700 million; it now stands at USD 45 billion. The growth of DeFi protocols and platforms developed through smart contracts, the advancement of technology, and the industry’s maturation were all factors that contributed to the development of MiMo DeFi. The team believes the new and more robust product is one that satisfactorily answers crypto users’ needs in a vibrant and dynamic DeFi environment.

A Decentralized Community Governance Model

Audited by Quantstamp, the Mimo DeFi Protocol works “as intended” on the Ethereum platform, keeping user balances safe. To increase confidence in the overall transparency of the project, more audits are underway, with results to be published.

MiMo DeFi is set to evolve into a community governance model where MIMO token holders will participate through on-chain voting on different operations and upgrades to the MiMo protocol. This ensures proper distribution of power among token holders, guarantees its decentralization, and increases the community’s involvement in the platform’s tokenomics.

For more information regarding Mimo and the PAR token, visit https://mimo.capital

Bank of Thailand reinforces stablecoin regulation

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Baht-backed stablecoin issuers are required to consult with the Bank of Thailand before beginning operations, according to new guidance issued by the central bank.

Over the past 18 months, stablecoins – a form of crypto asset which is pegged to another currency, commodity or algorithm – have emerged as a new means of payment.

Some forms of stablecoin, the Bank of Thailand said in a statement, have the potential to increase efficiency and reduce costs in the financial system.

They “can be used

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The Bank of Thailand is in the process of developing a Retail Central Bank Digital Currency.

The Bank of Thailand is open to legal digital currencies and plans to issue a consultation paper on stablecoins within the first half of this year.

Siritida Panomwon Na Ayudhya, assistant governor of payment systems policy and financial technology at the central bank, said the bank has only approved baht-backed stablecoin businesses, meaning those classified with electronic money (e-money) licences.

“There are many operators applying for the central bank’s approval to issue baht-backed stablecoins under several business models. Some want to expand from existing e-money businesses, while others want to develop new innovative financial services,” she said.

The Bank of Thailand has already set out appropriate guidelines for the regulation of financial services involving stablecoins, focusing only on legal baht-backed stablecoins, said Ms Siritida.

These are cryptocurrencies designed to minimise price volatility by being pegged to the baht and are intended to be used as a means of payment. Such stablecoins may be classified as e-money under the Payment Systems Act of 2017.

The regulator oversees risks associated with e-money, such as settlements, money laundering, cybersecurity and consumer protection risks. Operators who intend to provide services involving baht-backed stablecoins are required to consult with the central bank before beginning any operations. This policy is in line with the regulatory guidelines in many countries, such as Britain, Singapore and Japan, she said.

Other forms of stablecoins (including foreign currency-backed stablecoins, asset-backed stablecoins and algorithmic stablecoins) are not illegal, said Ms Siritida. The central bank is open to receiving comments and feedback before enacting the appropriate regulatory guidelines, she said.

The central bank’s move to clarify the stablecoin business in Thailand comes after it warned people to refrain from participating in any activities involving Thai Baht Digital (THT), as there are no legal assurances or protections and users could be at risk of cybertheft or money laundering.

Any activities involving the new stablecoin THT (created abroad on the Terra platform) are considered illegal. The creation, issuance, usage or circulation of any material or token for money is a violation of Section 9 of the Currency Act 1958, the central bank said in a statement on Wednesday.

Ms Siritida said the Bank of Thailand sees the benefits of financial technology and is ready to embrace new innovations to improve financial services. In this regard, the central bank is in the process of developing a Retail Central Bank Digital Currency (Retail CBDC) to meet the needs of the general public, improve service efficiency in the business sector and increase access to financial services.

The central bank is scheduled to issue a direction paper on Retail CBDC next month and hold a public hearing process. The development of both Retail CBDC and the existing Wholesale CBDC will proceed hand-in-hand, she said.

“The central bank will continue to closely monitor the developments of new technologies, taking into account the benefits and related risks in an effort to adopt policies supportive of promoting economic development while maintaining financial system stability,” said Ms Siritida.

The central bank’s assistant governor Pruettipong Srimachand insisted yesterday THT is considered illegal and that it intends to replace the baht because one unit of THT is denominated in and valued at one baht.

“Given the offshore platform of Terra, the Bank of Thailand’s regulations do not cover THT,” said Mr Pruettipong.

“We would ask for collaboration with regulatory bodies overseas to manage the risk.”

Apart from the baht, nine other currencies worldwide are credited on the Terra platform.

THT has logged around 1,000 transactions accounting for tens of thousands of baht.

In the event of fraud using an illegal stablecoin currency, investors must deal with the risks themselves, he said.