After a fairly substantial buzz phenomenon this weekend when Tunisia announced the launch of its first “real” national cryptocurrency, the Central Bank of Tunis (CBT) has somewhat cooled the heat.
No project is actually being formalized with the Russian company Universa Blockchain.
It is difficult to say whether the Russian start-up got carried away, tried a good old pump and dump or was simply the collateral victim of ill-calibrated communication with uncertain timing.
E-Dinar, or E-Bobard?
The international atmosphere lends itself to it, the techs are available, the States and Central Banks are watching each other around the world… What will be the first nation to officially launch out in the great race for digital currency?
Two days ago, the world thought they had a winner. Indeed, everything indicated that the Tunisia would be pioneer on the subject, with the imminent launch of an E-Dinar, with the assistance of the Russian crypto-company Universa Blockchain.
Alas, after a period of festive buzz comes the inevitable hangover. The Central Bank of Tunisia has just showered the hopes of everyone by opposing a firm denial: Point of digital currency of Tunisian State, RIP E-Dinard, little heart left too early.
“These rumors are unfounded. The [Banque centrale de Tunisie] has not entered into any relationship whatsoever with a domestic or foreign supplier in order to create a digital currency. ” Press release from the Tunisian Central Bank of 12/11/2019
Back off to better blow up ?
According to observers familiar with the matter, if the central monetary authority has been quick to react, it is because beyond this somewhat theatrical confusion, the subject of a digital currency, and more exactly of a Central Bank digital currency ((CBDC, Central bank digital currency) is a subject both serious and sensitive.
Thus, like many of its counterparts around the world, the Tunisian Central Bank is seriously considering the implementation of such a tool. And in these circumstances, she is a little forced to admit it without seeming to touch it:
“We are studying all the existing alternatives. However, there are no immediate plans to launch an E-Dinar: The bank is studying the opportunities and risks inherent in these new technologies, particularly in terms of cybersecurity and financial stability. ”
“There is no immediate plan.” Everything is said, in the felted.
What about Universa Blockchain?
It didn’t take long before glances (and accusations) turned to Russian crypto-society Univers Blockchain, supposedly working hand in hand with Tunisia at the emergence of the E-Dinar.
Back on a runaway
It is not useless in this context to emphasize thatAlexander Borodich, CEO of Universa, had worked hard in the past few weeks.
He had indeed presented the E-Dinard project to AI & Blockchain Summit of Malta before explaining further the principle of digital currency at the FOREX Exchange Club (Tunisian banking think tank bringing together the country’s financial players and for which it was the 50th anniversary). This event, brought together decision-makers, investors and bankers around conferences and a program that focused on crypto assets and their future.
It’s this event that the Russian news agency TASS initially evokes, giving at the same time the top start of the media excitement around the E-Dinar. The agency – just like the official channels of the Forex Exchange Club – thus notably mentions that the meeting gave the opportunity of a symbolic transfer of digital Dinar between the head of the Tunisian central bank Marouane El Abassi and a representative of IMF (most likely Herve Tourpe, representing the institution at the conference).
Central Bank, IMF, dinar transfers via blockchain. Fuel was made available for the widespread conflagration that was to follow. The Russian dispatch only had to set fire to the powder.
Tunisian Central Bank reframes the debate
Whatever actual content and level of cooperation between the CBT and the company Universa Blockchain, the Tunisian Central Bank ends by closing the debate. All of this is really just one “Misunderstanding “:
“This POC (proof of concept) test was taken out of context and became a marketing operation where the name of the Tunisian Central Bank was misused. “
Universa Blockchain is trying to put out the fire: let’s talk about the U-Dinar!
A misunderstanding. Universa Blockchain does not talk about anything else in a press release dated 12/11 which sets out the following chronology:
- November 7, Universa Hub Africa threw uDinar, supported by the Tunisian dinar, as proof of concept (PoC).
- The PoC application uses decentralized registry technology based on a local blockchain hosted by Tunisian Internet Agency. The Agency is our partner in terms of Universa solutions in Tunisia.
- Universa Hub Africa has been invited as a technical partner to present its project to Tunisian Forex Congress.
- No issue from CBDC related to uDinar was not discussed on this occasion.
- The CBT is considering various alternatives for the future digitization of money and is not contractually bound on this subject with Universa Hub Africa.
- The misinterpretation in the articles that followed was not based on allegations made by Universa or Official Representatives of the CBT
If, like Universa Blockchain, Tunisia seems to be playing a funny game, it is difficult for Russian society to henceforth escape accusations of market manipulation. It will be recalled that the announcement of the news had literally – and rather logically – sent Universa’s token straight to the Moon (it has since vigorously taken the South route).
Simple manipulation allowing Universa executives to collect easy money? Troubled game of the Central Bank of Tunisia? let’s be sure this file isn’t closed.
Nice to meet you, it’s Hellmouth! Editor-in-chief of Bitcoin, the crypto media you are honoring to survey right now (well done, you have taste).
Crypto-enthusiast of the second hour, nothing is more important to me than supporting the global adoption and democratization of the treasures that the blockchain offers us.
I write articles between two cocktails in Tahiti, my adopted island, and do not hesitate, if the opportunity arises, to feast on a plump scam or a little too enterprising Ponzi pyramid.
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