Quantoz Payments, an innovator in digital currencies and financial technology, has received an Electronic Money Institution (EMI) license from the Dutch Central Bank. This will enable Quantoz to issue EURD, the first regulated and programmable euro legal tender, on the Algorand network. The move will make EURD and associated electronic money services available to businesses and consumers in the European Economic Area, even those without traditional bank accounts. The Quantoz euro, EURD, facilitates transactions with Internet-connected devices and avatars, supporting the development of the Web3 economy.
EURD is expected to be launched by the end of the year and offers more than just regulatory compliance. It offers strong privacy features, covers transaction fees, and introduces programmable money for increased efficiency. EURD, classified as an electronic money token (EMT), is distinguished from cryptocurrencies, stablecoins and central bank digital currencies (CBDCs). It adheres to the Markets in Crypto Assets Regulation (MiCAR), ensuring full compliance with the rules governing e-money tokens on distributed ledgers.
Gaston HENDRIKS, Quantoz co-founder and CTO, highlights Algorand’s capacity to handle the issuance of all euros in circulation with thousands of transactions per second and instant finality. Developers can seamlessly integrate EURD into their applications using Quantoz’s APIs or the open-sourced payment app without requiring in-depth blockchain knowledge. Eric WRAGGE, Global Head of Business Development at the Algorand Foundation, commends Quantoz’s achievement, emphasizing the collaboration’s potential for use-case development and product rollout.
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