The Raiffeisen Bank announces the launch of RBI Coin

One of the main private banks in Austria, the Raiffeisen Bank International (RBI), is working on the development of a new form of conversion into national currency through the use of blockchain technology.

The Raiffeisen Bank announces the launch of RBI Coin

RBI Coin by the end of 2020

Most of the world's central banks have been making progress on developing their own digital currencies for months. In this context, one of the main private banks in Austria, the Raiffeisen Bank International (RBI), is working on the development of a new form of conversion into national currency through the use of blockchain technology. The RBI announced that it is collaborating with Billon, a financial technology company operating in the UK and Poland, which developed a technology to store and transfer regulated coins and other data using a proprietary blockchain.

** WeBank has announced its partnership with the Distributed Ledger Technology (DLT) platform, OpenNodes.

The announcement was published on May 18 and revealed that the RBI and Billon are already working in the initial stages of "RBI Coin", a token platform designed to accelerate transactions between banks and companies operating in different countries and improve management. of liquidity. According to the announcement, the pilot test of the platform will take place in late 2020 and will be launched in the countries of Central and Eastern Europe (CEE) that include countries such as the Czech Republic, Poland, Russia, Ukraine, among others.

** The group will be in charge of carrying out a research and study work on cryptocurrencies and virtual assets in order to make policy proposals related to digital assets at the end of the process.

According to an RBI spokesperson, the RBI Coin will be pegged to the euro in a 1: 1 ratio or, depending on the country joining the pilot, the RBI Coin will peg with the national currency operating in the selected country. The spokesperson explained: "The currencies deployed will depend on the countries participating in the pilot project, so the platform could also include the euro and other national currencies."