The way people are choosing to pay for things is changing. According to a survey by the Federal Reserve of the United States, in 2019 the survey found that consumers only used cash for 26% of all payments, in this regard, users are relying more on cashless transactions and prefer digital forms of money. 

To facilitate the increase in cashless transitions in society, central banks are researching how to launch CBDCs to complement banknotes and coins. CBDC (Central Bank Digital Currency) is a currency in digital form rather than having physical form like paper notes and coins. This could be as simple as euro being created and transferred in digital format instead of printing of physical notes.

Regulending 

We propose a solution which allows platforms making use of crypto as collateral to avail of our KYC (Know Your Customer) & AML (Anti Money Laundering) api. By connecting to our platform, we can provide the relevant KYC and AML checks in line with the central bank or Ireland and European Central bank guidelines on fraud.

This service removes the cost of setting up individual AML & KYC sections of their company and allows them to offload the reporting checks to our contracts. We gather the relevant user information on customer sigh up and provide reports when needed by companies, all accessible via api call.

Unlike cryptocurrencies, CBDC is specifically issued and backed by the central bank of that country and makes CBDCs less volatile than other digital currencies like Bitcoin and Ethereum. CBDC leverages blockchain technology to create immutable and secure transactions. Blockchain is a peer-to-peer distributed ledger technology (DLT) in which immutable blocks are created to store data using a group of computer nodes. The technology is built using cryptographic hash functions, digital signatures, and consensus protocols to create a secure, transparent and trustless system.