Quantoz Payments, a subsidiary of Dutch blockchain firm Quantoz, has secured a license as an electronic money institution (EMI) under the oversight of the Dutch Central Bank.
The authorization empowers Quantoz Payments to issue its inaugural regulated and programmable euro legal tender, EURD, on the Algorand network.
Launching EURD on the Algorand Blockchain
Anticipated by year-end, EURD and its associated e-money services are poised to become accessible to businesses and consumers throughout the European Economic Area, irrespective of whether they possess a traditional bank account.
The introduction of EURD opens avenues for payments to internet-connected device avatars and plays a crucial role in facilitating the Web3 economy. The Quantoz euro makes microtransactions economically viable, enabling scenarios such as compensating sensors for data, facilitating machine-to-machine transactions, and more.
EURD transcends the status of a regulated digital euro, offering a spectrum of compelling features. These include robust privacy measures, coverage of transaction fees, and the ability to program money for enhanced efficiency and cost-effectiveness.
Quantoz co-founder and CTO Gaston Hendriks emphasized Algorand’s suitability for issuing regulated digital euros on a public blockchain. He highlighted the platform’s capacity, noting the capability to issue all euros circulating on Algorand and process thousands of transactions per second instantly.
Developers keen on integrating EURD into their applications can leverage Quantoz’s APIs or utilize their open-sourced payment app, requiring no extensive blockchain expertise.
Quantoz Payments Secures License to Issue EURD
According to Eric Wragge, Global Head of Business Development at the Algorand Foundation, the Quantoz team, blending profound technical expertise with extensive payment experience, deserves congratulations on reaching this significant milestone.
He added that they are pleased that a prominent regulator in the heart of Europe has authorized the issuance of digital euros on Algorand, and they eagerly anticipate collaborating with Quantoz on use-case development and product rollout.
The announcement also highlighted that it’s crucial to clarify that EURD is not a cryptocurrency or a stablecoin; rather, it is an electronic money token (EMT), distinctly different from central bank digital currencies (CBDCs). This distinction positions EURD within a specific category, highlighting its unique nature in the digital currency landscape.
Furthermore, EURD is meticulously crafted to adhere to the Markets in Crypto Assets Regulation (MiCAR), ensuring full compliance with the comprehensive regulations governing the issuance of electronic money tokens on distributed ledgers. This commitment to regulatory compliance underscores the responsible and legally sound approach taken by Quantoz in introducing EURD to the market.
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