The Austrian banking group Raiffeisen Bank International (RBI) in cooperation with fintech startup Billon will createblockchain platform for tokenization of national currencies. This is stated on the website of the blockchain company.
After successful proof of the concept of end-to-enddigitized national currency transfers RBI and Billon decided to launch a pilot project by the end of 2020 with the participation of corporate and institutional clients.
The platform aims to improve the process.liquidity management, accelerating and increasing the availability of cross-border money transfers and custodial services customer transactions. RBI and Billon are confident that the solution will optimize costs while improving the quality of service.
The platform uses blockchain technologyBillon "Digitized Distributed Cash System". It allows you to issue, redeem and carry out electronic money transactions with digitized euros in a 1: 1 ratio, called RBI Coin.
Participants in the initiative assured that the platformwill work in accordance with regulatory requirements for payments and data processing. If successful, the pilot project can be expanded to the countries of Central and Eastern Europe, where RBI is present.
“The currencies used will depend on the countries participating in the pilot project, so the platform may include other national currencies”, - noted in RBI.
Recall that earlier the payment giant Visa showed interest in issuing a digital currency secured by fiat, which filed an application for a corresponding patent.
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