Fnality International, led by former Deutsche Bank managing director Rhomaios Ram, is looking into digitizing several popular fiat currencies. The idea behind these digitized fiat currencies is still very unclear; however, the primary mission, according to Fnality, will be to:
Theoretically, the central concept of the digitized fiat currencies is that tokens will be used in daily operations, while fiat currency stored in central banks will back all issued tokens.
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Contrary to Fnality, JPMorgan is focusing on developing a coin solely for the bank’s operations and is not looking at global digitizing of fiat currencies. One of the main hurdles before Fnality is the coordination between the decentralized blockchain versions of the fiat currencies and a central bank, which will be responsible for storing the actual fiat backing.