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World’s first bank backed cryptocurrency launched in Germany

By John Smith • Published: 11 Dec 2020 • 11:06

MUCH has been said about cryptocurrency over the years with Bitcoin in particular becoming hugely valuable but other currencies can come and go with little in the way of official support.

Now, one of the oldest banks in Europe, Bankhaus von der Heydt (BVDH) has collaborated with the German blockchain technology provider, Bitbond to launch the first-ever Euro stablecoin and this cryptocurrency is now available for trading.

The Stellar Development Foundation played a key role in the development of EURB. The organisation provided support in consultation and the technical integration of EURB.

This ‘virtual’ currency which is fully regulated and backed one-for-one with Euros, will not be openly traded on exchanges due to German regulatory controls.

There is an established procedure whereby if a customer wants to acquire the stablecoin, a payment may be made to the bank and the equivalent value of cryptocoins will be held by the bank until such time as the customer wishes to make a payment or asset transfer.

Thank you for taking the time to read this news article “World’s first bank backed cryptocurrency launched in Germany”.

Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews

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