Blockchain Based E-Money Firm Got Approval From Financial Regulator Of Iceland

Blockchain-based E-Money firm got regulatory approval from a financial regulator of the Financial Supervisory Authority (FME) of Iceland reported on 14 June 2019.

Icelandic financial watchdog approved the Reykjavik-based Monerium which is backed by blockchain software company ConsenSys, and it uses ethereum (ETH) blockchain to provide its fiat payment services.

As per the report, a major European regulatory framework will handle the Monerium firm that allows it to provide the blockchain-powered e-money services across the European Economic Area (EEA).

A former chairman of the Supervisory Board of the Central Bank of Iceland and Monerium co-founder Jón Helgi Egilsson will disclose the news at a cryptocurrency conference in Stockholm on fifteen June.

According to the Coindesk media report, the Monerium company is also working to develop a fiat currency based on blockchain technology which pegged to Icelandic krona (ISK), and possibly the currency will make the cross-border payments cheap, fast and easy without a financial middleman. 

Last week, the video game development firm Ubisoft is on the verge of implementation of Blockchain Technology to its future game release.

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