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Iceland Approves Blockchain Integration of Monerium, New Age Currency

Monerium.Icelandic Blockchain Foundation/YouTube

Sun, 16 Jun 2019, 22:55 pm UTC

It would seem that Iceland is once again ahead of most developed countries in what it is trying to achieve with its digital currency and blockchain. This time, the nation’s Financial Supervisory Authority has given the green light on the electronic currency Monerium for blockchain-based transactions. This basically means that the company has opened the way for digital ledger technology to affect more of its commerce.

In a press release, CEO and co-founder of Monerium Sveinn Valfells explained what this development is all about and what it can mean for users of e-money. What’s more, he also explained how the integration into blockchain will help improve the services they provide.

“Receiving an e-money license is a major milestone towards achieving our goal of making digital currency accessible, secure, and simple to transact,” Valfells said. “To support our e-money issuance, we have developed a digital banking platform that is compatible with all leading blockchain protocols and extensible to other clients and financial services. Our platform is based on open standards and designed to support decentralized financial applications.”

Valfells also spoke with Coindesk to explain a few more things about Monerium becoming approved to use blockchain and why it matters. It would seem that he is particularly excited about how this development gives his e-money a huge competitive advantage.

“For practical purposes, fiat will be the currency most people and institutions will want to use in the near- and medium-term. And if you are touching fiat in any way, you just have to comply with the relevant regulations,” the Monerium CEO said.

Former chairman of the Supervisory Board of the Icelandic Central Bank and Monerium cofounder Jon H. Egilsson was also set to appear in Stockholm on Saturday to speak more about this development. A copy of his prepared remarks was released, thus providing an idea of what he will be saying.

“Monerium e-money encompasses the benefits of programmable money on blockchain, in addition to being the closest form of central bank money there is – based on a proven EU regulatory framework,” the remark reads.

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