(Bloomberg) —
As governments struggle to rein in cryptocurrencies like Bitcoin and Ethereum, a Swiss-Danish group is launching a new blockchain technology it says will be ready for regulation from day one.
Backed by one of the founders of Saxo Bank A/S and a director at Volvo Cars, which both count Zhejiang Geely Holding Group Co. as an owner, the project will on Wednesday introduce its blockchain, which has been developed with Denmark’s Aarhus University. The project’s cryptocurrency — Global Transaction Unit (GTU) — will be listed on exchanges over the summer.
The foundation behind GTU goes by the name of Concordium AG. Its chief executive, Lone Fonss Schroder, who’s also a vice chair at Volvo Cars, says the key difference between GTU and cryptocurrencies like Bitcoin will be its ability to provide the kind of transparency that regulators and members of the mainstream economy want.
“We have identification at the protocol level, and that means that every transaction comes with provenance,” Fonss Schroder said in an interview. “If the regulator wants to see, by court order, who’s done what, they can see it. That is why we say we have regulatory readiness.”
Meanwhile, Bitcoin slumped on Tuesday, with some analysts pointing to the recovery of Colonial Pipeline Co.’s ransom as evidence that crypto isn’t beyond government control. The FBI was able to find the Bitcoin by uncovering the digital addresses used by hackers, suggesting the biggest cryptocurrency may not offer the untraceability for which it’s often sought out.
What Bloomberg Economics Says…
“It may well be that corners of the crypto world are working toward a product they hope will be regulated and widely used. The ultimate ‘establishment’ digital currency will of course only come once central banks launch their CBDCs.”
–Johanna Jeansson, Nordic economist
Concordium is a unique dPoS-based Blockchain, aiming to provide the Enterprise world with a fully compliant, scalable, usable and private solution.
Discover the vision and the heart of this tremendous project with Lars Seier Christensen, Concordium Foundation Chairman.
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