eCurrencyMint: Spearheading the Secure Issuance of Digital Fiat Currency by Central Banks

The cornerstone of any financial transaction in an economy is currency. The trust that people have in a currency is due to the trust they have in the central bank that issues the currency. In the digital currency realm, this trust is reaffirmed through digital fiat currency or Central Bank Digital Currency (CBDC) that is issued by the central bank of that particular country. Many central banks do not possess the necessary technology to digitalize their currency to be easily executed through different payment platforms. eCurrency Mint Limited (eCurrency), a pioneering technology company enables central banks to issue a secure and efficient digital fiat currency through its turnkey solutions. “We empower and enable central banks to issue digital currency, by providing technological and security components needed to issue their own CBDC,” begins Jonathan Dharmapalan, founder and CEO of eCurrency.

eCurrency was amongst the first to recognize that the transformation of money into digital form was inevitable. While cryptocurrency technologies consumed the airwaves, eCurrency was quietly developing a technology enabling central banks to issue a secure digital fiat currency. eCurrency enables a central bank to issue a known amount of CBDC, which then gets distributed via channels like commercial banks, merchants, internet and mobile money operators across any payments system, to consumers who transact through digital wallets.

While the present digital market abounds with electronic money platforms, in case of digital currencies the lack of interoperability and security regulations governing them hampers their usage. A currency’s interoperability is defined by the country’s central banking act and its status as legal tender. “We look at digital currency as a digital “fiat” currency, made available broadly to the public. It is not a private cryptocurrency issued by private parties,” says Dharmapalan.