Competition for Facebook Libra: Central Bank of Tunisia is testing own digital currency

The race to be the first government-funded digital currency rose to go since the announcement of Facebook, with Libra at the Start, in the world to a new Level. China, Venezuela, or Turkey are already at an advanced stage and will also bring in a timely manner, a digital currency on the way.

The Tunisian Central Bank has announced that it is testing the Roll-out of your national currency on a Blockchain. The digitization of the Dinar makes Tunisia the first country in the world, announcing the Transfer of part of its money supply in electronic Form, a report from the Russian news Agency Tass on Thursday. According to reports, the citizens will also be able to convert physical cash to digital clone, which is supported 100% by the national currency.

In contrast to crypto-currencies, which are based on decentralized and public block chains, is the state E-Dinar, also known as a digital currency by the Central Bank (CBDC), privately owned by the Tunisian government and of the Russian Fintech Universa Blockchain operated, an enterprise-grade block chain platform, the End-to-End digitization services, and programming money for governments ready.

Supported by the national currency, it is expected that the digital currency the Central Bank is cheaper in the output, transparent and accountable, and more effective at combating illegal activities and tax evasion. Alexander Borodich, founder and CEO of Universal, that the new digital currency is not a crypto currency, although it is based on a Blockchain, which also uses Bitcoin, and the same advantages (freely translated):

Electronic Bank notes can’t be faked – any of these banknotes, as the paper version, is protected by cryptography, it has, like the Paper counterpart, your own digital watermark. And the production of such a Banknote is 100 Times cheaper than the waste of ink, paper and electricity for printing machine.

Universa records a percentage of all transactions in the General Ledger, the Tunisian Central Bank. According to the report, Universal is also working with several other countries, an efficient block chain, to build based network of Central banks (freely translated):

Other Maghreb countries – Morocco, Algeria and Mauritania also attended the presentation of the electronic currency in the capital of Tunisia, as these countries monitor the test of the electronic currency. But in the future, you can join the project, under a System together and to carry out international payments with E-money at an agreed price.

Borodich said that the digital currency is changing the core functions of private banks. So the entire physical money, for example, remains in the Central Bank, while commercial banks are to operators, the competition to provide services. Universa also the Overhaul of the local infrastructure is planning to operate Blockchain-based solutions and tokenized platforms in all cities.

According to the company Universa offers the fastest payment system in the world (freely translated):

Universa offers, the banking sector in the world’s fastest Interbank payment system with the lowest cost per transaction. Universa Smart.Money is a digital Bus on which every company, every Bank and every government StableCoins can output digital land-based Token currencies to gold.

China, too, has announced the Release of the digital yuan for the first quarter of next year. It remains at this point to be seen how quickly the banking landscape and the financial system will benefit or what changes are triggered by it.

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