SafeTitan ($STTN) To Aid Binance Against China’s Banking Bans on Cryptocurrency
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Rumors are buzzing on social media about the new BEP20 Cryptocurrency brand SafeTitan. Also dubbed the ‘China Coin’ or more appropriately, 'China's Solution Cryptocoin,’ it’s become a hot topic of legit vs scam coins. The bottom line, the BNB-Paired token presents a legitimate multi-phase plan and high end platform. And though it has not had an ICO-launch yet, a few days ago there was its first Pre-ICO sale which caused crypto-community commotion.
“I'm trying to purchase in the Presale, but the contract address is coming back invalid, no matter which currency I use (BNB, USDT, etc.). Anyone else having this issue?” reads the title of one post on the r/SafeTitan reddit community.
Though the issue was quickly resolved and addressed, over 76 replies were made to the particular reddit post in under 2 hours. Though the community displays just under 100 users subscribed, on the 30th of August there was over 200 times the normal posting activity.
Post topics ranged from 2 bugs found by a handful of users to one person spamming a repeated question, which appeared to be a FUD-attempt. The user repeatedly posted threads questioning how SafeTitan could thrive with China and Korea having a ban on Cryptocurrency.
Korea & China vs Cryptos & Binance
The answer is simple. Korea has no laws banning cryptocurrency at all. Koreans can trade freely and have zero taxes on their cryptocurrency transactions. Korea’s tax laws are not going to be presented to the Asian nation until 2022.
Foreigners visiting or temporarily living in Korea do have a few restrictions however. Transplants without residency can freely trade cryptos but cannot withdraw nor deposit fiat funds into their crypto wallet from a Korean bank account. With all the solutions on-line in 2021 however, this is hardly an issue.
China however, it is a different case. It’s not impossible to trade cryptos in Asia’s biggest country but it is difficult. China businesses can do transactions in cryptos but virtual-currencies are tricky to retrieve in fiat funds.
The People’s Bank of China has put major pressure on various aspects of the Cryptocurrency industry to try and cripple it’s growing reach.
What is the problem seen by the PBOC?
According to various sources, many provinces and elite entities want to keep a strong grip on money and healthcare through their government centralized systems. As cryptocoins focus on decentralizing the banking structure, it could eliminate many streams of revenue and limit some benefits to those currently in power.
Bitcoin has long been targeted by the Central Bank of China (CBC or PBOC). The People’s Bank of China has repeatedly lashed out at cryptocurrencies and virtual-currencies aiming to tarnish the public perception of it. One of the biggest lashings was the banning of any virtual-currency transactions in late June 2021. This stopped Banks from being able to accept deposits, withdrawals, or transfers related to virtual-currencies in any form.
However difficult, this did not mean Chinese citizens stopped using cryptocurrencies. Nor did businesses have to stop accepting transactions. It just forced China’s token hodlers to use foreign resources. The majority of these resources are found through the internet. Chinese use foreign associates to handle cryptocoin transactions away from their digital wallet.
As of September 2021, there’s another challenge. This month, a high court in Northern Shandong province tossed another dart at China’s crypto market. The court publicized cryptocurrency is not protected by law after refusing to force a bank to refund nearly 11,000 (USD) of confiscated funds that were to be used to buy cryptocoins.
The money was legitimately earned by the Chinese citizen but because of new laws, the funds were confiscated by the Bank. Or in layman’s terms, stolen by the bank by most standards.
This is not a deathly blow either however. It does make it clear China is scared of what change to power a decentralized currency exchange can have. The government keeps highlighting laws being violated, but it’s statistically proven more fraud is performed with physical money than cryptos.
And also keep in mind, China says these negative things while working on their own virtual-currency competitor, the digital Yuan.
What’s the major difference between the DY and Bitcoin, Binance, and Safetitan tokens?
Simply this; the government of China would be in control of all data of transactions and users making transactions with their centralized cryptocurrency, the Digital Yuan.
Nobody wants this type of tracing. Cryptocoins became hugely popular because of the freedom & privacy it gives back to people. Therefore, options are demanded.
Currently Chinese are using Decentralized Exchanges (DEX) like UniSwap, PancakeSwap, and SushiSwap. These exchanges are all legal but there’s been some network issues with Binance Smart-Chain’s RPC nodes. These problems have made it difficult to broadcast transactions to residents of the country known as The Sleeping Giant.
SafeTitan plans to help fix these lingering problems of cross-chain transactions. The company will release it's on blockchain (So that there are no network issues in the far east), and what’s tentatively being called ‘SafeTitan Swap’ as it's main Dapp, independent of BSC. There is a planned alpha release, late next year, 4th quarter 2022.
China’s Solution Cryptocoin
With all of the Crypto-dramas going on, it’s created a multi-billion dollar void in China’s digital currency economy. Millions of people are looking for services to help handle their cryptocurrency transactions and Binance-paired token, SafeTitan, has long projected this issue.
With that projection, the cryptocurrency’s founders prepared a solution.
SafeTitan will launch a cross-chain DEX by the end of 2022. It will allow people in China and across the Far East to swap tokens without violating laws. Nor will it depend on the Central Banks of China.
Much has yet to be revealed of the SafeTitan Swap DEX as the token brand must first raise capital with their Initial Coin offering, which is October 14th. The target for the “Solution token” to reach with their ICO is 5-million-dollars (USD). And the official name of the Decentralized Exchange is likely to change.
Though the initial $STTN token is Biannce-paired, a BEP20 crypto, the DEX itself will not function on BSC. It will function independently on a SafeTitan cross-chain node.
A pre-sale recently took place and it confirmed there is big interest from the cryptocurrency community in all of this technology.
According to reddit, the Pre-ICO STTN token sale lasted only 48 hours. It was available to those who had already been registered.
This pre-initial coin offering allowed users to buy 1000 (USD) maximum of SafeTitan tokens. And the minimum purchase was 100 USD.
This early token sale was a response to SafeTitan ICO app’s registered users demanding a buy-in option. The original ICO date was delayed until October 14th, but it was first slated for August 14th. Those that already registered wanted to be assured of the .005cent token rate promoted on the site and that wish was granted.
This sale smothered complaints of excess waiting but in all the buying commotion, created a lot of new attention.
The official SafeTitan blog reports the funding raised will aid promotions of the new DeFi token. Also, the group will focus on constructing the right team of experts to build out various platforms for the DeFi and cross-chain swap exchange phases.
No other Pre-ICO sales have been shared.
The new Cryptocurrency’s ICO is expected to launch on October 14th and last for 2 days. However, all crypto-investors looking to engage in purchasing must be registered on SafeTitan official site (ICO app) by the 9th.