Major currencies around the globe are turning to Ethereum to digitize their underlying currency platform. Stated differently, Ethereum is being used to enable digital transformation of currencies. 3 major currencies currently are in the process of integrating Ethereum in their digitization process: the Singaporean Dollar, Russian Ruble, and Chinese Yuan.

BTCManager says that ConsenSys’ head of global business development Andrew Keys revealed that the Royal Chinese Mint is exploring ways to digitize the Yuan based on Ethereum’s platform. “By utilizing the ERC 20 token standard, the Royal Chinese Mint is essentially considering the possibility of releasing unique tokens that are compatible with the Ethereum network; an Ethereum-compatible token would grant higher liquidity and interoperability.”

Andrew Keys provided more details on Medium.com:

The Royal Chinese Mint is currently “concentrating on the research and exploration of the forefront of digital money, taking part widely in innovation and practice in the fields such as digital currency, mobile finance, smart-city construction and Internet-based finance; it also actively promotes the application of blockchain technology in finance and related fields.”

Russia revealed already last year that the Bank of Russia was developing an Ethereum-based interbank blockchain prototype which is called Masterchain. Last week, President Putin met with the founder of Ethereum presumably about a similar topic, as explained here.

According to Trustnodes, a report by the Monetary Authority of Singapore, which in collaboration with a number of banks and blockchain technology firms recently announced that phase one of tokenizing Singaporean Dollars through an ethereum blockchain has successfully completed.

Although all this does not directly result in an Ethereum price prediction it tells us that fundamentals for Ethereum keep on strengthening. That will ultimately reflect in Ethereum’s price, and it certainly underpins this $1000 Ethereum price prediction.

 

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