The coastal south American country, Uruguay is to launch digital currency as announced by its central bank (BCU).
In a formal presentation of the pioneering project which seeks to release a digitised version of the Uruguayan peso, the BCU seized the opportunity to stress that it is "not a cryptocurrency such as Bitcoin" but “a currency that remains the responsibility of the BCU" according to an Argentinian report.
Uruguay is now pioneering what countries such as Russia only contemplated. Will this open the door for it neighbours like Brazil to its east and Argentina to its west to follow in the trend? Only time will tell.
The BCU's report was titled El BCU presentó un plan piloto para la emisión de billetes digitales (a pilot plan for the issuance of digital tickets) as it stresses it is “a test plan with a view to evaluating whether or not it transforms into a way of doing business in the future.” The pilot program comprises of "a test with 10,000 mobile phone users of ANTEL(the country’s government-run telecommunications provider). The test is set to last for 6 months. Registered users of the network will be able to interact with merchants as well as peer-to-peer in money exchanges after downloading the app from the designated website, epeso.com.uy.
Do you see a wide adoption of digitised fiat currency? Steem it.