Blockchain Based E-Money Firm Got Approval in Iceland

The intriguing future of crypto technology being implemented in many major financial aspect in all over the globe continue as in Iceland a blockchain based E-money firm has been approved. The icy Nordic island nation via its financial regulator the Financial Supervisory Authority (FME) has decided to approve Monerium, a new Reykjavik based E-money firm.

Monerium itself is being fully backed by a blockchain based software company CoinSys. Moreover, the new firm will be providing fiat payment service throughout the country using Ethereum blockchain technology. It is also set as the first company to work under Electronic money frame work which should allow them to offer e-money services across European Economic Area (EEA).

In a further report from Coindesk, the plan of this new firm is eventually to unleash a blockchain based currency attached to Iceland currency (Icelandic Krona). That digital ISK is supposedly set to allow cross border payments without having to use any financial middleman along the way. Moreover, the upcoming setup is planned to operate across European Union and potentially other countries as well, depending on the regulations.

It’s certainly an intriguing financial planning, which could trigger a pathway into more introduction of Crypto based technology in the basic financial world. It will be interesting to see on how far things can go from this moment on, at least for Iceland before we can talk about other countries.

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