We have already heard about the central banks working closely with tech departments on exploring the blockchain possibilities of creating their own national digital currencies based technology.
This could be firstly seen in Tunisia. Nevertheles, the groups seems to be widening by Ukraine, Senegal and Sweden.
Ukraine just joined central banks looking for implementation solutions on the electronic money concept. Within the country’s Cashless Economy project, the National Bank of Ukraine (NBU) is to issue a blockchain-based digital version of the Hryvnia by next year. At first the currency will circulate alongside its physical version.
The move isn’t surprising, as NBU has in September stated it was “interested in further development of high-tech financial markets in Ukraine as it will positively influence the implementation of the Cashless Economy project”.
Riksbanken in Sweden, the world’s oldest central bank, is considering the same move as the country has seen a decline in cash use, according to the Financial Times. It’s still in discussions whether digital currencies should complement notes and coins, or replace them. Soon the country may witness the introduction of an “ekrona” (“e-coin”), a blockchain-based digital version of the Swedish Krona.
The Bank of England and the Bank of Canada have reportedly discussed issuing their own digital currencies using blockchain technology. The immense cost reduction in transactions could, according to a report from the Bank of England, boost GDP by roughly 3%.
In 2015, Tunisia had over half a million people using its digital currency, eDinar. The country’s post office, La Poste Tunisienne, then announced it would partner with Monetas and DigitUs to integrate the country’s digital currency with blockchain technology. It was the first one to do so.
Following Tunisia’s footsteps, Senegal announced in early November it was also going to get their digital currency eCFA integrated with blockchain technology as well. The new currency is to circulate alongside the country’s fiat currency CFA Franc, just like in Tunisia. Unlike bitcoin, these currencies are issued solely by a country’s central bank.
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