During one of the largest financial events in Tunisia (the Forex Club of Tunisia) that took place yesterday, it was announced that Tunisia, in collaboration with Universa, will launch the e-dinar. This according to an article that appeared on Chipin on Thursday 7 November.
There were 2 different panels on the agenda. The first panel discussed the subject of “conduct of monetary policy and the exchange rate in transition”. The second panel was devoted to the “Central Bank Digital Currency (CBDC) and opportunities for financial integration in Maghreb”.
Maghreb is a designation in the northwestern part of Africa. This area includes Morocco, Algeria, Tunisia, Mauritania, and Libya.
According to Universa, Tunisia is the first country to launch a CBDC, but it could be quickly followed by other countries, including countries in Southeast Asia (Malaysia and the Philippines), Latin America (Argentina and Brazil) and China.
The CEO of Universa said the following:
Electronic banknotes cannot be forged – every banknote, such as the paper version, is protected by cryptography, it has its own digital watermarks, just like the paper counterpart. And the production of such a banknote is 100 times cheaper than wasting ink, paper and electricity for the printing press.
Tunisia’s digital money is not a cryptocurrency, but a CBDC (Central Bank Digital Currency), said Alexander Borodich, founder of the Russian blockchain platform Universa, on the basis of which new payment methods can be issued.
The new virtual currency is supported by real banknotes. More than 2,000 kiosks will appear in Tunisia, where citizens can top up their digital wallets. In the beginning, they will pay via the browser on the smartphone and later a mobile application will be available.
When the CBDC will officially go live is not yet known, but according to the article, it will take a few months.