Tunisia looks set to headline the implementation of blockchain technology as the country’s central bank explores use of the tech for a national cryptocurrency (Digital Dinar).
According to reports, the Digital Dinar project features a partnership between Tunisia’s apex bank – The Banque Centrale Tunisienne (BCT), its newly appointed bank governor Marouane El Abassi and CEO of DigiutUS Tech – Walid Driss noted for his role in helping Tunisia’s postal service launch a blockchain-based digital payment system called DigiCash.
The partnership has set up a working group headed by Abassi, with Driss serving as a founding member with an aim to study blockchain, digital payments and cryptocurrencies in a bid to migrate towards the global trend of cashless economies.
Detailing the purpose of the Digital Dinar project, the BCT Governor explained that a blockchain-based central bank digital currency will help combat money laundering, decrease economic hardship as well as empower women and other weaker or financially less active segments of the Tunisian population.
More Countries Eye CBDCs
By this move, Tunisia follows the footsteps of other nations notably Sweden who now leverage on blockchain technology to promote digital payments, financial inclusion and cashless economies.
Statistics show that about 90% of financial transactions in Sweden at this time are already cashless with the Scandinavian country a first natural adopter of the technology. Btc.ng had also reported that Egypt, Saudi Arabia and UAE central banks have all considered launching CBDCs.
A corroborating report by the Bank for International Settlements (BIS) also states that at least 40 central banks globally are currently utilizing or making advanced steps with regards to issuing a Central Bank Digital Currency (CBDC) and other blockchain applications in finance.
It has been revealed that most central banks are interested in potential blockchain use cases particularly in areas of digital KYC (Know Your Customer) processes, anti-money laundering procedures, exchange and data sharing, inter-bank payments and settlements, trade finance, bond auction among other utilities.