The Polish Blockchain Technology Accelerator (PATB), which operates under the patronage of the Ministry of Digitalization, is working on the development of a digitized national cryptocurrency, called Digital PLN (dPLN), the Polish daily Puls Biznesu reported.
“We have created a cryptographic currency that we have deprived of speculative features. We want to give our economy unprofitable money that does not require expensive infrastructure,” said Prof. Krzysztof Piech, president of the Polish Blockchain Technology Accelerator.
Prof. Krzysztof Piech is the initiator of the dPLN project and is leading a team at the Lazarski University in Warsaw, which is working on the task.
The team has already developed a working basic version of dPLN, and is currently working on the advanced version of the code. The software testing phase is going to start in about two weeks.
The creators might link its exchange rate to the Polish zloty (PLN) to deprive the decentralized currency of the exchange rate risk. This means that 100 units of dPLN will be worth 100 PLN and vice versa. But approval from the government is necessary to start the scheme.
The National Center for Research and Development has provided PLN 10 million for the realization of the project with a total cost of PLN 12.4 million.
Prof. Krzysztof Piech believes multiple countries will soon adopt the blockchain-based nationalized digital coins in 2018, and Poland’s dPLN can be paired with any currency of the world.