Uruguay is about to develop its own cryptocurrency. A mobile-based application is being launched in the country to experiment with the online transfer of funds.
In this era of digitalized currency and online communication, all countries are now turning towards digital monetization instead of the traditional paper currency. Uruguay happens to be the latest country to adopt the digitalized currency for its people. A mobile-based application is being launched in the country to experiment with the online transfer of funds.
An event called “The Future of Money and the Financial System” was held which was attended by Mario Bergara. The BCD President claimed that this newly launched digital currency would soon be replacing transactions made by cash. He further added that this will also allow transfer of funds and balances between individuals.
The Latin American Herald Tribune reported that he was quoted saying that it is not just about money transfers but online cellular transactions as well. Simply put, the revolution is more about billing and digital transactions than it is about sending and receiving money transfers. This, he believes, will bring about a change that no era has ever witnessed before. It is dream project and is expected to turn to reality soon enough.
The launch date is not yet finalized but is definitely around the corner. The President also said that its process is going to be one of trial and error, and is not going to be perfect in its essence. Central Banks from Canada and UK, and all over the world are looking toward this technology and have also seen conducting similar trials.
Many new ways of research are also being studied by Central Banks all over the world in order to issue their own digital currency. A researcher for The Bank of England has published a blog expressing his opinions on the same. He says that in spite of all research methods being carried out, the digital currency issued by a Central Bank will need to surpass all levels of excellence in order to establish its place and prove a successful idea.