State Bank of Mauritius using Blockchain technology assets to collateralize loans.
As the next in a line of small nations to embrace Blockchain technology, the State Bank of Mauritius (SMB) has announced that it will partner with Fintech firm SALT (Secured Automated Lending Technology) in order to use Blockchain assets as collateral for loans.
The move is being cheered by SMB insiders as a powerful push toward Blockchain technology hub status for the small nation. K.C Li Kwong Wing, Chairman of the SBM Group said:
“We are keen to explore providing banking services to this innovative company. This relationship will go a long way toward achieving our nation’s goal of becoming a hub for outstanding blockchain companies and fostering financial inclusion.”
The move represents a major step forward in the cryptocurrency world, as a national bank being inclined to accept and adopt Blockchain technology asset structures at this level would go a long way toward credibility and adoption.
A win for one is a win for all, when it comes to Blockchain technology. As more central banks embrace Blockchain, the overall progress of the crypto world will continue. Lately, however, the general tenor has been ‘Blockchain good, Bitcoin bad’, much to the ire of Bitcoin enthusiasts.
Whether the general move toward Blockchain technology will result in a move away from Bitcoin, however, remains to be seen. The current price run up indicates that the value of the consensus around the cryptocurrency is continuing.