The Raiffeisen Bank of Austria is working on a pilot project for the digital national currency

As global legal systems drive central bank digital currencies, Private institutions are also working on digitizing national currencies. Raiffeisen Bank International (RBI), one of the leading Austrian banks, is working on a new form of currency conversion using blockchain technology.

RBI is expanding its collaboration with the British-Polish company Billon after a successful test of end-to-end digitized national money transfers..

RBI Coin was developed to accelerate cross-border transactions

As announced on May 18, RBI and Billon are working on the first phases of an RBI token platform, currently known as the RBI coin. The pilot project should run until the end of 2020 and accelerate cross-border interbank or intercompany transactions and improve liquidity management, the companies said.

The Raiffeisen Bank of Austria is working on a pilot project for the digital national currency
The Raiffeisen Bank of Austria is working on a pilot project for the digital national currency

According to the announcement, RBI Coin was developed by Billon as part of the previous collaboration between RBI-Billon, the Elevator Lab program. The Elevator Lab program was reportedly completed on March 5 implements Billon’s blockchain technology to enable electronic monetary transactions with digitized euros.

The RBI coin is linked 1: 1 with the euro or another national currency of the EEC

If you are successful The pilot project is expected to start in the Central and Eastern European countries (CEE) of the RBI operation.said the bank. These countries include Belarus, the Czech Republic, Poland, Russia and Ukraine.

An RBI spokesman told Cointelegraph that the bank is still arguing with its subsidiary banks in CEE to determine which banks would participate in the pilot project. “We believe that the first tests would cover money transfers between Austria and an RBI partner in another EEC country,” said the representative.

D.Depending on the country joining the pilot project, the RBI coin is linked 1: 1 to the euro or another national currency that is active in a selected country. The RBI spokesman said:

“The currencies used depend on the countries involved in the pilot project, so the platform can also include the euro and other national currencies.”

Raiffeisen is actively experimenting with blockchain technology

The news comes after Billon is selected to participate in RBI’s Elevator Lab Partnership Program in November 2019.. As part of the collaboration, Billon used its blockchain technology to mint, transfer and redeem token euros.

The Elevator Lab Partnership Program is just one example of Raiffeisen’s extensive blockchain and tokenization efforts. In October 2019, RBI participated in the Tokenized Collateral Trial of Ivno Global, a token based on R3’s blockchain platform, Corda. The Russian subsidiary of RBI had previously developed a blockchain-based platform for liquidation by holding companies.

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