Bitcoin Romania, the first and largest crypto exchange on the Romanian market, has launched Roncoin (RONC), the first token to have a 1:1 parity with Romania’s currency (RON), which means it’s protected against price volatility.
Each RONC unit is backed by 1 RON in the Roncoin platform’s reserve account, and this way each Roncoin is 100 percent backed by real assets. Regardless of the changes that appear on the crypto market, 1 RONC will always be equal to 1 RON.
In the past year, the cryptocurrency market has had an extremely high volatility. Bitcoin had a significant drop, from USD 19,100 in December 2017 to around USD 6,400 this month.
Roncoin, created by Bitcoin Romania and its partners, is modeled after USDT, which has a 1:1 parity with the US Dollar, and it’s built on the Ethereum blockchain platform, which provides security and stability for transactions.
According to CryptoVest, although the decision to introduce such a token in a country where paper cash still dominates and only a few companies accept any form of cryptocurrency might be questionable, there have been some major developments towards crypto, including the Zebrapay terminals that allow people to purchase BTC and ETH directly with paper cash. However, Zebrapay doesn’t allow people to sell their cryptoassets for RON, and RONCoin may be the solution to this problem, especially considering that Bitcoin Romania’s own ATMs that allow people to sell their coins are only found in a couple of locations around the country.
According to the official website, over one billion tokens worth USD 246 million are currently available for trading with 25,000 (USD 6,155) currently in circulation. The backers behind the coin promise that the supply will be audited with consistency.