Citibank develops a platform for digital currencies and its own cryptocurrency

    Citibank is developing a platform for digital currencies. In addition, the bank created its own cryptocurrency - Citicoin. It is developed based on Bitcoin cryptocurrency and Blockchain distributed registry technology . Ken Moore,

    head of the Citigroup Innovation Laboratory , said that the platform for digital currencies is still under testing, but it has great prospects. The technology created by Citigroup has not yet been patented. Most of it is implemented using open source software. However, Citigroup claims to be a pioneer in this direction.

    Moore believes cryptocurrencies are a great way to transfer money from one country to another. And the creation of a mining network will allow users to provide their computing resources to maintain the service, writes the International Business Times.

    An official report from Citibank in May of this year said that the use of digital currencies would soon become ubiquitous and familiar. This will happen due to their obvious advantages.

    Compared to conventional currencies, digital currency is cheaper and more efficient. She will be able to provide greater transparency of transfers.

    Citibank believes that governments should lead the transition from paper money and credit cards to digital forms of money.

    Citibank is one of the largest banks in the world and the third largest bank in the United States. Its branch also exists in Russia. In 2013, Citibank was recognized as the best in the world according to The Banker.

    In January 2014, the Central Bank of the Russian Federation proposed to consider cryptocurrency and operations with it as “as dubious operations related to the legalization of proceeds from crime and the financing of terrorism”. However, a number of officials later proposed not to ban cryptocurrency, but to regulate the system.

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