IKEA Iceland division used the Ethereum blockchain to accept payments in digital fiat currency.
The transaction operator was the American blockchain firm Tradeshift. And the fintech company Monerium took on the role of an intermediary. And provided a digital version of the Icelandic krone on the Ethereum blockchain.
“Programmable money regulated by the authorities will become the basis of payments in e-commerce, because they allow the use of so-called“ smart contracts ”. Smart contracts can be applied in different ways. For example, a user can generate a smart invoice that can calculate itself, ” – said Gert Silvest, co-founder of Tradeshift.
The implementation of a transaction using the means of distributed registry technology in Iceland became possible thanks to the law adopted here earlier this year. A law that allows the release of a digital version of fiat currency for circulation in the European Economic Area.
“Being the first company to receive permission to issue electronic money on the blockchain. We are pleased to show the advantages of the technology for mass use in B2B transactions based on official money. Unlike volatile cryptocurrencies, electronic money is a proven alternative to cash. The use of programmable electronic money in smart contracts portends the emergence of a new category of payments. ”
Monerium CEO Swainne Walfells said.
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