October 25, 2020

Tunisia to release state cryptocurrency - digital dinar

Tunisia to release state cryptocurrency - digital dinar

If you think that the first digital currency launched by the central bank will be the digital dollar, electronic euro or chinese cryptocurrency thenmay be mistaken. It seems that Tunisia has decided to get ahead of the western and eastern superpowers and is one step away from issuing its own digital currency, backed up by the Tunisian dinar.

Tunisia became the first country to starttransfer your national currency to the blockchain platform. Russian startup ICO Universa will help to issue and manage the digital currency of the Central Bank of Tunisia (CBDC), the Russian news agency TASS reported.

It is expected that the electronic dinar will become more transparent and cheaper to issue.

The Central Bank of Tunisia has announced that the digitization of the Tunisian dinar has begun and that the paper-coated CBDC will be released on the Universa blockchain.

In addition, Universa is also reported to receive a percentage of all transactions made with the “electronic dinar,” while the ledger will be visible to the country's central bank.

The founder and CEO of Universa, Alexander Borodich, however, points out that this form of electronic currency cannot be considered a real cryptocurrency.

CBDC or electronic dinar will be state owned and supported by paper money. But the blockchain will not only protect against fakes, but also make the issue cheaper and more transparent. Borodich said:

“Digital notes cannot be tampered with -each banknote is protected by cryptography, since its paper counterpart has its own digital watermarks. In addition, the production of such a banknote is 100 times cheaper than spending ink, paper and electricity in the printing process. "

Thus, the country will not issue a new currency. Instead, part of its reserves will simply be transferred to the platform, and citizens will be able to exchange their physical money for electronic dinars.

Digital currency will change private banks

Borodich expects digital currency to changethe work of private banks. All physical money will remain in the central bank, while commercial banks will only provide services and compete for the quality of the services offered.

This is not the first cooperation of the government of Tunisiaand Universa. As reported late last year, the Tunisian government agency on the Internet has signed a strategic partnership to host startup services.

Meanwhile, as Comtelegraph previously reported, this week the European Union is also considering issuing its own digital currency.

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