Billon and Raiffeisen Bank International (RBI) have started working on currency tokenization. So crypto– gold will soon become something real on the Polish market?
The pilot project is to be carried out later this year. The Billon Digitized Distributed Cash system is to be a tool for tokenizing the national currency. Thus, it can help to issue crypto-zloty – a digital version of our currency.
– Billon is a great example of fintech who understands how to customize blockchaina to the needs of banks and their clients. Especially in the COVID-19 situation, banks need to work with fintechs to innovate faster and help customers process payments and need liquidity – says Stefan Andjelic, Blockchain Hub Lead at Raiffeisen Bank International.
Advantages of the new system
It is worth recalling that the tokenization platform was developed by Billon during the Elevator Lab program. The whole new system will give banks the option of choosing a method of transferring funds. By the way, it will ensure the speed of the process and the guarantee of checking the payment status, i.e. all these advantages that blockchain gives.
In addition, transactions made through the system can now be supplemented with additional documents or data, such as invoices and confirmation of the source of money. This will translate into greater transparency.
However, the question is whether in practice it will actually be possible to issue a digital zloty. The fate of the dPLN project probably remains in the memory of market participants. Behind it stood prof. Krzysztof Piech, a known economist who has long been promoting in our country both kryptowalutyand blockchain.
dPLN was to be somehow digitized Polish zloty. Unfortunately, the project could not be completed. It was also controversial because it was emphasized that the currency in Poland is PLN. The translations that dPLN would be just a kind did no good stablecoina.
Another thing is that if the project were not completed, today we could boast that as a country we have our own digital currency of the central bank. Assuming, of course, that currently, in the time of coronavirus crisis, the NBP would use the solutions of prof. Piech.
Let us add that today the People’s Bank of China is working on the digital yuan. Similar projects are also being discussed in the EU, Sweden or the USA.