Austrian experiments with its own Euro-Stablecoin | by Lukas Wiesflecker | The Capital | Oct, 2020

 

What would he have said to Bitcoin and other cryptocurrencies? Friedrich Wilhelm Raiffeisen, the Satoshi of cooperative banking.

Raiffeisen Bank International is the second-largest bank in Austria. At present, it set up a euro Stablecoin, with which some coworkers can already pay in the canteen. Even though the bank has not yet given any concrete dates to bring the Stablecoin to its 16.7 million customers, a player of a completely new class is entering the business with the Stablecoins.

When you hear “Raiffeisen” today, you often think of something dusty. A bank in a village with offices from the 70s. The name of a small street, an agricultural store from a time when there were no hardware stores, a black and white picture by Friedrich Wilhelm Raiffeisen from the 19th century.

In the history of finance, however, Raiffeisen was an innovator, and the cooperative banks he founded are probably now an integral part of Germany and Austria’s economic history. In keeping with this,…


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