Local media outlets are reporting that KBC, one of Belgium’s largest banks is exploring the idea to launch its own token. KBC, one of the most important insurance coverage and banking firms in Belgium, introduced its plans to launch its personal cryptocurrency, barely altering its strategy to digital belongings. KBC Coin, the financial institution’s native cryptocurrency, would be a type of reward token that will permit the financial institution to develop interplay methods with its prospects, promote its platform, and compel customers to undertake its providers.
The announcement came during the banks presentation of the first virtual assistant called Kate. The virtual assistant “Kate”, will communicate with customers through the banking app. The bank’s token is currently in the test-net phase and presently being distributed through private network channels. At present there are no more updated details regarding the project’s roadmap.
In addition to the regulatory framework and the economic characteristics of the project, KBC is focused on the technological and privacy issues of its cryptocurrency. According to De Morgen, a local news source, CEO Johan Thijs stated that they wanted to protect the identity of their customers, and give users a platform to have uninhibited control over the data. Mr. Thijs said, “this coin can initially be earned by loyal customers and spent on additional services”, also the coin will be used in a closed system.
It’s called a ‘closed loop currency’. So it’s not a currency like the euro that allows you to go around the world and make payments everywhere”, It’s a digital currency that we use in a certain environment, and one example is that it would be used in the customers environment”.
