Iceland Permits First Electronic Money to Be Used in the European Economic Community

On June 14th, Iceland's financial regulator (FME) authorized the world's first permission to issue electronic currency available to the European Economic Community.

Under the license acquisition, Monerium will be able to provide e-money payment services across the European Economic Community using blockchain technology under certain regulation .

"Monerium's e-money combines the benefits of programmable money on blockchain and central bank issuance currencies in accordance with the EU regulatory framework with performance," said Jon H. Egilsson, a former chairman of Iceland's central bank audit board and co-founder of Monerium.

Monerium, which managed to raise $2 million (about 2 billion won) in January, developed a currency that would allow payment without going through a broker or to automate financial transactions in many circumstances including e-commerce.

The Monerium e-money platform uses an Etherium blockchain base, but is said to be compatible with major blockchain protocols because it is based on open standards, and is designed to support distributed financial application.

Currently, the competition among issuing e-money is gradually increasing. Many people are curious as to how the Iceland's e-money--world's first legal e-currency, will continue to develop and affect the financial system.

Reporter James Lee (news@dailycoinews.com)의 기사 더 보기

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