This Dutch Company Will Launch Euro Digital EURD On Blockchain Algorand

Dutch blockchain companies will soon issue Euro Digital. (Photo; Doc. Invezz)

JAKARTA - Quantoz Payments, a blockchain company from the Netherlands, has received permission from the Central Bank of the Netherlands to become an electronic money institution (EMI). With this permit, Quantoz Payments can issue regulated and programmable digital euros, called EURD, on the Algorand blockchain network.

EURD is a legal payment tool that is expected to be available to businesses and consumers throughout the European Economic Region by the end of this year. EURD does not require traditional bank accounts to be used, thus expanding financial access for the public.

EURD also has the potential to support the Web3 economy, namely the economy based on blockchain and internet of things (IoT) technology. With EURD, users can make small transactions at low cost. These tokens have superior features that distinguish them from ordinary digital euros. EURD has a strong privacy mechanism, affordable transaction fees, and the ability to refine money according to user needs.

Gaston Hendriks, co-founder and CTO Quantoz, said that Algorand is an ideal blockchain platform for issuing EURD digital money. Algorand has a high capacity, can spend all the euros in circulation, and can process thousands of transactions per second quickly.

Developers wishing to use EURD in their app can use API Quantoz or an open source payment application provided by Quantoz. Developers do not need to have deep blockchain knowledge to integrate EURD.

Eric Wragge, Head of Global Business Development at the Algorand Foundation, congratulated the Quantoz team on this achievement. He said they were pleased that European authorities had given approval for the issuance of EURD in Algorand, and they were excited to cooperate with Quantoz in developing and launching EURD-based products.

Not CBDC or Stablecoin

This announcement also explains that EURD is not a cryptocurrency or stablecoin, but an electronic money token (EMT), which is different from the central bank digital currency (CBDC). This difference makes EURD a separate category, which shows the uniqueness of EURD in the digital currency world.

In addition, the EURD was created taking into account the Crypto Asset Market Regulation (MICAR), which is a regulation governing the issuance of electronic money tokens in distributed ledgers. Quantoz is committed to complying with this regulation, which shows a responsible and legal approach in bringing EURD to market.