The Uruguayan Central Bank converted its currency into a virtual currency.
The Central Bank of Uruguay, like many other banks around the world, is embarking on the development and research of its own cryptocurrency.
B.D.C. (Uruguayan central bank) began digitizing the Peso in order to embark on the creation of its own virtual currency.
According to the American Herald Tribune, the director of BDC said that virtual currency would have the same value as paper money.
The Director spoke at a conference in the NBU entitled “The Future of Money and Financial Systems”, and revealed that his bank was doing everything possible to allow its clients to trade of the digital currency thanks to a mobile application, which would replace “the leather wallet with paper money”.
He also said: “We are quite close to launching a pilot program for a limited number of users of the digital currency, which is an experience in transforming physical and electronic invoices from the BCU.
He also stated that the Digital Currency Pilot Program would require virtual money to be treated as conventional money, which could be exchanged between users using the mobile application.
For him, society inevitably moves towards a digital monetary system, which will have “the same soundness as normal money” and “sooner or later it will be implemented in Uruguay.”
For him, the bulk of the work would have already been done, and only “logistical and technological details” would remain.
In China, it would already have been tested a virtual currency using another system of blocks still unknown.
In Singapore, the Central Bank revealed in June that it would have tested by issuing digitized dollars on a private blockchain Ethereum.