The latest cryptocurrency news show that Tunisia is one of the first countries embracing blockchain and moving their national currency to a blockchain platform. As the news show, Tunisia will launch its E-dinar currency via a blockchain platform powered by one Russian ICO startup named Universa.
If we dive in the details, we can see that this is the Tunisia Central Bank Digital Currency (CBDC) according to the reports by the news agency Tass on November 7. The Central Bank of Tunisia announced that the digitization of the Tunisian dinar started and that the paper-backed CBDC will be issued on the Universa Blockchain.
Tunisia will launch its national currency and receive a percentage of all transactions carried out with the “e-dinar” while the ledger will be visible to the country and its central bank. The founder and CEO of Universa, Alexander Borodich, pointed out that this form of electronic money currency cannot be considered a true cryptocurrency.
The CBDC or e-dinar will be a state owned and backed by paper money. However, the blockchain will not only protect against counterfeiting – it will also make the issuance cheaper and more transparent. The blockchain news feature Borodich stating the following:
“Digital banknotes cannot be counterfeited — each banknote is protected by cryptography like its paper counterpart has its own digital watermarks. Furthermore, the production of such a banknote is 100 times cheaper than wasting ink, paper and electricity in the printing process.”
Therefore, the country will not issue a new currency – Tunisia will launch and retransfer part of its reserves to the platform while citizens will be able to exchange their money for e-dinars.
Borodich also explained that he expects digital currency to change the way private banks operate. As he said, all the physical money will stay at the central bank while commercial banks will only provide services and compete over the quality of the services offered.
What’s interesting is the fact that Tunisia will launch its e-dinar but this is not the first time the government of the country is working with the Russian startup Universa. Before, the government-led Tunisian Internet Agency signed a strategic partnership to host services for the startup, too.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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