Raiffeisen Bank Is Engaged in Tokenization of National Currencies

Creating a digital currency of the central bank is currently one of the most pressing issues. Along with global jurisdictions, private banks also decided to tackle the issue of the national currencies tokenization. Austrian bank Raiffeisen Bank International has announced a partnership with the Polish-British company Billon with the aim of tokenizing the national currency on the basis of DLT.

RBI and Billon are working on the initial stages of the tokenization platform, which is now called RBI Coin. The pilot program is planned to be carried out before the end of 2020. The goal of the program, according to firms, is to accelerate cross-border interbank and intercompany transactions, improve the availability of money transfers, and also improve liquidity management.

In the case of success, the pilot program is expected to be launched in the countries of Central and Eastern Europe (CEE) — where the bank operates. These countries include Belarus, Czech Republic, Poland, Russia and Ukraine. Depending on which countries join the pilot program, RBI Coin will be pegged 1: 1 to the euro or any other national currency operating in the selected country.

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