Traditional financial institutions all over the world are still not too keen on Bitcoin or anything associated with this term. However, once you start mentioning “blockchain technology”, you will definitely have all their attention. It is this blockchain technology that will allow EU citizens to start using digital Euros for frictionless payments in 2016.
Conversion From Euro To Bitcoin Becomes Easier
Although the partnership between CleverCoin and Safe.Cash has nothing to do with Bitcoin as currency directly, this new platform will, in the end, make the conversion from Euro to Bitcoin much easier. Both consumers and merchants in the EU are looking for quicker and more efficient payment methods, rather than using card payments or paper money.
In fact, this newly developed platform wouldn’t have come to fruition without the participation of Lemon Way, a mobile payment solution developed by BNP Paribas Fortis. As society evolves into a digital age, mobile payments will play a bigger role in everyday consumer behavior. This shift requires more efficient payment methods, which is exactly what Safe.Cash will provide.
By offering digital cash in countries operating under the EU banking system, Safe.Cash can effectively provide instant payment functionality to consumers. Facilitating transactions is achieved by combining the CleverCoin API with Lemon Way’s banking partners for storing Safe Cash Euros.
Industry experts have been intrigued by the idea of creating digital cash in the near future, although very few plans have been announced so far. The partnership between CleverCoin and Safe.Cash came as a surprise to both the Bitcoin and financial world, although there are many benefits to this project.
“Safe.Cash is fully committed to serving the mainstream banking world. Our platform is designed to solve crucial pain points and remove unnecessary friction from the existing system. Eventually, we aim to power banks around the globe, supporting euros, U.S. dollars, and all other fiat currencies, as well as asset-backed and loyalty products.” – Safe Cash founder Chris Kitze stated in a press release.
During the first months of 2016, both retailers and consumers will be able to convert their Euros into digital cash. Every token issued on the Safe.Cash platform is backed by its equivalent cash value in the bank. Users will be given access to digital wallets, available on all major mobile platforms, which are using end-to-end encryption.
Once consumers have digital Euros in their wallet, they can spend the tokens just like they would use paper money. Furthermore, every Safe.Cash digital Euro token can be exchanged for other local currencies within the EU when required. All of the funds are guaranteed to be available instantaneously, with no repudiation.
A New Era Of Digital Currency
By introducing digital Euros to the European Union, digital currency is on the right track to becoming a part of everyday consumers’ lives. Even though most enthusiasts would have preferred to see Bitcoin being used in this capacity, digital Euro tokens are the first step in that direction. This project doesn’t make the Euro less or more valuable than it is right now.
This news comes on the heels of the European Union deciding Bitcoin is not subject to VAT, which is seen as a vote of confidence from government officials. In fact, because of the Safe.Cash project, Bitcoin and the Euro are coming together on an even playing field, as both are digital currencies from that point forward.
Source: Press Release via Email
Images courtesy of Egonl, Clevercoin, Shutterstock