Recently, in an announcement, the Financial Supervisory Authority of Iceland issued a license of e-money on blockchains to Monerium. It is the first e-money license in the world that is released under EU e-money regulations. This license is registered by the European Economic Area (EEA) after getting through regulations and approvals.
Digital currency is a substitute for cash, and e-money is a medium to use the existing digital currencies for mobile wallets and pre-paid cards. Monerium, with an e-money license on blockchains, clear out intermediates and allows financial transactions in various sectors like trade, finance, payments, e-commerce, and security settlement. The concept of e-money based on blockchain stretch out peer-to-peer digital currency transactions.
On June 15, 2019, the co-founder and chairman of the Supervisory Board of the Central Bank of Iceland, Jon Helgi Egilsson, announced about the license in the Stockholm conference, i.e., The Future of Money: Central Bank Digital Currency.
Four entrepreneurs in the field of finance and technology founded Monerium in 2015. It has got little investments from Crowberry Capital, ConsenSys, and other private investors. After applying for the e-money license, the company wrote a detailed report on the blockchain and financial services for the European-based financial institution. The firm collaborated with ConsenSys and has developed a way to tokenize the fiat currency.
The Monerium’s CEO and co-founder, Sveinn Valfells, said that it is the most prominent thing to receive e-money license, and they have walked one step forward in making the virtual currency accessible to all. The company has developed a compatible digital banking platform that supports all the blockchain protocols and extensible to all the clients and financial services. The platform also supports decentralized financial applications.
Currently, Monerium is entering the closed beta with its existing customers as well as partners. The company is planning to collaborate with distributed application developers as well as blockchain platform providers to offer e-money to all the customers and organizations across the world.