Monetas allows for national economies to move into the future by enabling the digitization of legal tender. This ability allows for central banks, or a commercial bank on behalf of a central bank, to regain a central role within the country eliminating problems of interoperability caused by digital financial service providers acting as multiple issuers.
Digital legal tender is identical to cash in nearly every way, except the medium of production. With the ability to produce a digital unit of account, the cost of printing, securing, and distributing national currency is greatly reduced, and in turn barriers to financial services adoption are reduced for all citizens.
Using the Monetas platform, all financial services providers are united under one ubiquitous unit of account providing a digital backbone on which to offer customers the best services.
of producing, securing, and distributing physical notes and coinage
uniting all digital financial services providers
with broader penetration of secure, reliable, and advanced financial services
through the issuance of algorithmically secured digital currency
in an increasingly digital economy
of money in circulation
Digital legal tender is issued and held by central banks (or a commercial bank on behalf of a central bank) using Monetas software on a secured, offline issuance machine. The issuance process is identical to how physical money is issued today. Cryptographically secured, digital cash cannot be counterfeited.
Digital legal tender enters the economy alongside, and in the same manner, as physical cash extending into the economy through commercial banks and other financial service providers.
The central bank does not interface with the end user. Digital legal tender is accessed and stored by users in real digital wallets provided by financial services providers.