Allianz Insurance Company will launch its own digital currency

Germany's largest insurance company Allianz is developing an electronic payment system based on digital currency for instant cross-border insurance transfers, Forbes reports.

It is known that the cost of the token will be pegged to the US dollar in a ratio of 1: 1. Allianz Global Corporate & Specialty (AGCS), which has already developed and tested the underlying infrastructure, is creating the system. The next step in the company called transaction testing.

Note that Allianz is not the only one who creates similar solutions based on stablecoins.

Thus, JPMorgan, the largest US investment bank, developed its own token; It aims to simplify settlements between corporate clients. After that, serious research in the field of asset tokenization was announced by David Solomon, CEO of Goldman Sachs, not excluding the possibility that the bank would follow the lead of JPMorgan.

Do not forget that the patent application from the retail giant Walmart also refers to the method of “generating one digital currency by linking it to the traditional currency”.

Nevertheless, the most sensational project to create digital currency by corporations was Libra from Facebook.

Facebook Libra – the link between cryptocurrencies and the traditional economy or the central banks nightmare?

Recall, Allianz has long been studying various ways to use distributed registry technology. Back in 2016, the company tested smart contracts in the field of bonds related to disaster risk, and as early as next year introduced a blockchain pilot for corporate insurance.

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