Raiffeisen Bank will start using digital currency


The new RBI coin will be used to accelerate cross-border operations.

Raiffeisen Bank will start using digital currency. Photo:

One of the largest Austrian banks, Raiffeisen Bank (RBI), will start using digital currency in pilot mode to accelerate cross-border operations.

The bank will launch a new form of token of national currency using blockchain technology developed by Billon. Earlier this year, the technology was successfully tested as part of the Elevator Lab, Raifsen Bank International’s program to find the most innovative fintech solutions. It has been reported that transactions with e-money can also be supplemented with necessary data and documents, such as invoices and confirmation of the source of funds, for complete transparency and audit.

The RBI coin will be supported by the euro or any other national currency of the countries of Central and Eastern Europe in the ratio of 1: 1. They plan to use the currency for money transfer and storage of funds of corporate and institutional customers.

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Earlier, we wrote that US Democratic Party politicians from the House of Representatives are preparing a bill to issue a digital dollar in response to the coronavirus epidemic. The proposed digital dollar will not be presented on the blockchain or decentralized ledger. This means that e-currency will not be a cryptocurrency like bitcoin.

Read: Name of the most trusted currency: survey on digital assets

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