Spanish banking monster Santander may turn out to be the first in the market to travel around digitalization of public money availing the people ether
Spanish banking monster Santander may turn out to be the first in the market to travel around digitalization of public money availing the people ethereum blockchain. Ether, camp founder, roman mandeleil and ethereum java custom developer, showed the project at the time of panel discussion at DevCon2 now. Santander officials have confirmed the declaration, creating the bank the first to give digital money on a live public blockchain. This is the second time Santander has decided on to avail blockchain. In May 2016, it started checking blockchain technology in approving international payments.
Query about security, certainly, are to be anticipated. Both Santander and Mandeleil are working on smooth transactions and also motivating other banks to do the same. After legal documents are organized, santanders immerse in to blockchain will turn out to be official.
Mandeleil said that the token is named Cash ETH and is totally backed by original money in Santander bank. Mandeleil also said that the tokens are redeemable at any time for flat currency. The amount will be available on a Santendar bank account and your purse ethereum address will be packed to the Santander token funds. To date, there are yet many legal problems to work on like negotiating with regulators and countries. They decide to begin in one country and gradually develop due to the reason of ethereum blockchain universal access and the workings of bank are only restricted to countries which license it. Even with these restrictions, Santander is moving complete stream in front with the digital money token.
The pair has even told that they are deciding to welcome more banks to the work which is compared to santanders global settlement coin project. Moreover, they also plan to conduct blockchain based hackathons to identify lot of methods to avail blockchain in fintech.
Image Credits: Nacho