The developers of the Apollo Fintech startup have presented the National Payment Platform (NPP) platform based on the blockchain, which will allow settlements with state cryptocurrencies.
The developers explained that NPP is a cashless settlement system that central banks can use after issuing their own stablecoins. Government agencies will have the opportunity to interact with commercial banks and other financial institutions to conduct settlements in stable cryptocurrencies issued by central banks.
The platform will allow making transactions between individual users and merchants using SMS, QR code and bank cards. Payments can even be made using text messages. This means that in theory the system will be able to support even outdated phone models.
“NPP will simplify communication between economic market participants, as well as save their time and resources. Payments using government cryptocurrencies will be much more efficient and it will be easier for central banks to adopt their stablecoins, ”said Stephen McCullah, CEO of Apollo Fintech.
He added that the new system will remove possible barriers that banks may face when launching their own cryptocurrency. According to the head of Apollo Fintech, if you provide access to such stablecoins to all banks, individuals and organizations, it will accelerate the development of the cryptocurrency industry and the widespread adoption of digital payments.
Last month, it became known that the Bank of Japan has created a new division to accelerate the development and release of its cryptocurrency. A few years ago, the deputy president of the Bank of Japan Masayoshi Amamiya said that such digital currencies would not be able to improve the existing monetary systems. In addition, Chinese media reported last week that several banks have already begun full-scale testing of the People’s Bank of China (PBOC) digital yuan app and wallet.
