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HEAT Forum

January 21, 2019, 10:48:51 AM
News: 2017-10-10 Heatledger 2.0 with Heatwallet 2.2.0 released! NOTE: Balance leasing and hard fork at block 777777
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Author Topic: Fiat on blockchain  (Read 877 times)

proto wrote Fiat on blockchain on September 25, 2016, 05:20:33 PM
How will this work?

I saw "The unique HEAT crypto client provides access to major cryptocurrencies including BTC, ETH, FIMK and NXT. It also allows creation, transfer and trade of any custom assets created by operators of any size. Having multi-sig for currencies whose tech is capable of such - the client thus supports fiat money accounts secured with multi-sig private keys. HEAT Ledger Ltd has joint venture agreements in place with EU wide money transmitter license pending, making the prospect of transferring real fiat money in a cryptographic ledger a reality. One of the first, if not THE first - but certainly the first multi-sig fiat!"

From page 1 of the bitcointalk thread.

Does this mean we are waiting to see if the license is approved? Then HEAT can have fiat on the blockchain? Or will it be a tied/pegged asset for EUR / USD etc, like bitshares or something?

Eliphaz wrote Re: Fiat on blockchain on September 25, 2016, 06:39:27 PM
All electronic EUR you see anywhere - your web bank, the ATM, shop counter etc. are tokens. When we have licensed EUR balances on blockchain, it means these EUR are tokens no different to those you have in your bank. They are "real EUR", although for technical reasons they do usually require inter-operator (gateway) processing before you can for instance withdraw them from ATM.

Technology for representing EUR tokens on blockchain has of course existed for quite long. It's the application of a regulatory license that breathes life to that tech.

I can't really talk more about the status before the HEAT genesis is out.

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