Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Tunisia Starts Rolling Out World’s First Paper-Backed Central Bank Digital Currency

by Daily Hodl Staff
November 10, 2019
in Blockchain
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

The Central Bank of Tunisia has announced that it’s testing the roll-out of its national currency onto a blockchain.

The digitalization of the dinar makes Tunisia the first country in the world to announce the transfer of part of its money supply to electronic form, according to a report released on Thursday by the Russian news agency Tass.

Citizens will also reportedly be able to convert physical cash for the digital clone which will be 100% backed by the national currency.

Unlike cryptocurrencies which run on decentralized and public blockchains, the state-owned e-dinar, also known as a central bank digital currency (CBDC), will be privately owned by the Tunisian government and operated by Russian fintech Universa Blockchain, an enterprise-grade blockchain solutions platform providing end-to-end digitalization services and programmable money for governments.

Backed by the national currency, the central bank digital currency is expected to be cheaper to issue, more transparent and traceable, and more effective at rooting out illegal activities and tax evasion.

Alexander Borodich, founder and CEO of Universa, says the new digital currency is not a cryptocurrency even though it utilizes blockchain, the same technology that underpins Bitcoin, and offers similar benefits.

He adds,

“Electronic banknotes cannot be faked – each such banknote, like the paper version, is protected by cryptography, it, like the paper counterpart, has its own digital watermarks. And the production of such a banknote is 100 times cheaper than wasting ink, paper, electricity for the printing press.”

Universa will receive a percentage of all transactions on the ledger which will be accessible to Tunisia’s central bank.

According to the report, Universa is working with several other countries as well to create an efficient blockchain-based network of central banks.

“Other Maghreb countries – Morocco, Algeria and Mauritania – also participated in the presentation of electronic currency in the capital of Tunisia as these countries are watching the testing of electronic currency. But in the future, they can join the project, unite under one system and conduct international payments with electronic money at an agreed rate.”

Borodich says the digital currency alters the core functions of private banks. All the physical money, for example, will remain in the central bank, while commercial banks become operators that provide competitive services.

Universa also plans to overhaul municipal infrastructure, powering blockchain-based solutions and tokenized platforms across cities.

According to the company,

“Universa offers banking sector world-fastest interbank payment system with the lowest cost per transaction. Universa Smart.Money is a digital bus where any company, any bank and any government can issue StableCoins – from digital national currencies to gold-backed tokens.”

Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • OpenDAX 3.0 With Exchange Liquidity Network (XLN) by Openware Goes Live
    March 6, 2021
  • Mogul Brings NFTs and DeFi to the Film Industry, Announces Access Pass Sale
    March 5, 2021
  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$54,165.00
$54,165.00
7.76%
Ethereum
$1,839.46
$1,839.46
6.49%
Binance Coin
$244.48
$244.48
3.86%
Polkadot
$36.12
$36.12
4.32%
Cardano
$1.14
$1.14
0.26%
XRP
$0.481353
$0.481353
3.52%
ADVERTISEMENT

Spotlight

  • Kevin O’Leary Flips on Bitcoin, Says He’s Buying BTC After Crypto ‘Game Changer’
    March 2, 2021
  • Kraken Releases VIP Crypto Outlook, Forecasts Final Bitcoin Price at End of Bull Market Cycle
    March 6, 2021
  • Biden’s SEC Chair Nominee Says Bitcoin and Crypto Are Transformative Technologies
    March 3, 2021
  • Ethereum Poised To Become a Deflationary Asset As EIP 1559 Gets Approved for July
    March 7, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.