Iceland’s Monetary Regulator Approves Blockchain-Powered E-Cash Agency

The Monetary Supervisory Authority (FME), Iceland’s sole monetary regulator, has permitted the primary blockchain-powered e-money agency within the nation, because the group announced on June 14.

Reykjavik-based Monerium, backed by blockchain software firm ConsenSys, has reportedly been permitted by the Icelandic monetary watchdog to supply fiat payment providers utilizing ethereum (ETH) blockchain, crypto media outlet CoinDesk reported June 14.

In keeping with the report, Monerium has grow to be the primary firm to function underneath an digital cash framework, a significant European regulatory framework that enabled the agency to supply blockchain-powered e-money providers throughout the European Financial Space (EEA).

Monerium co-founder Jón Helgi Egilsson, a former chairman of the Supervisory Board of the Central Financial institution of Iceland, will reportedly announce the information at a digital foreign money convention in Stockholm on June 15.

In keeping with CoinDesk, Monerium is planning to launch a blockchain-based fiat foreign money pegged to Icelandic krona (ISK) to allow cross-border funds within the foreign money with no monetary intermediary. The digital ISK shall be reportedly operable throughout the European Union on the preliminary stage, whereas the agency additionally plans to introduce the e-currency to extra nations relying on their regulatory insurance policies within the sphere.

In January 2019, ConsenSys participated in a $2 million seed funding spherical for Monerium, with the corporate’s co-founder Andrew Keys claiming that funding within the Icelandic agency aligns with the incubator’s function to create “the infrastructure wanted for a extra decentralized and self-sovereign future.”

Not too long ago, Cointelegraph printed an interview with ConsenSys co-founder Joseph Lubin, who declared that the ethereum blockchain had scaled considerably so far.

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