Competition for Facebook Libra: Tunisia to launch E-Dinar

  • The Central Bank of Tunisia will launch a new digital currency based on blockchain technology.
  • The Facebook Libra has a new competitor that could stand in its way.

The digital coin race has a new competitor. Tunisia announces the launch of its own digital coin. The first tests have begun and the E-Dinar is expected to use blockchain technology.

The E-Dinar backed by the national supply of currency with blockchain technology

According to information published by the news agency Tass, the Central Bank of Turkey is testing the digital Dinar. The announcement puts Tunisia on the list of countries exploring the use of blockchain technology. The aim would be to increase the efficiency of national administration and optimize payment methods.

The project will be carried out together with a Russian startup that has helped other countries to develop initiatives based on blockchain technology. The name of the company is Universa Blockchain. In that sense, they have designed the E-Dinar to be operated entirely by this Russian company.

The founder of Universa, Alexander Borodich, is aware that this characteristic alienates E-Dinar from cryptocurrencies such as Bitcoin. Although both would operate using blockchain technology.

However, Borodich, also CEO of Universa, was quick to highlight the advantages of digital coins over conventional money. First of all, it is more difficult to counterfeit because it is protected by cryptography. Its issuance is cheaper and citizens will be able to make exchanges from physical to electronic dinars. The result will be an increase in the speed of transactions.

The CEO of Universa, in collaboration with other countries in search of a similar system, has stated that in the future the E-Dinar could be part of a larger ecosystem. There, Tunisia’s digital coin could co-exist with others and make quick payments, at low rates, beyond its borders.

Facebook’s Libra on a more complicated scenario

CNF has closely followed the events that have prevented the Facebook Libra from coming to market. In a report by the presidency of the European Union, the multinational institution recognizes that the cryptocurrency of Facebook presents a number of significant variables.

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This large number of variables could pose a risk to the world economy. Because of the fact that millions of people would use the Facebook Libra. At the same time, the report clarifies the great potential of digital coins. The previous revelation has led the EU to consider implementing its own digital coin.

It is clear that the EU report is negative for Facebook. Moreover, as the months go by, more and more competitors surpass the Libra.

Asian giant China is expected to introduce its E-Yuan early next year. Undoubtedly, an event that has made the cryptomarket turn a little more towards the Asian country.

It is still necessary to see what the results of the Digital Yuan will be, but it seems that it will not be the only digital coin of its kind. Tunisia’s announcement could be just another milestone in the digital coin race.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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