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New Cryptocurrency Developed in Madeira

At a time when the importance of cryptocurrencies is increasingly being analysed, Madeira may soon have its own digital currency (OSEAN).

The project is being studied by the new Research Centre of the University of Madeira, OSEAN, was presented today, in partnership with the national cybersecurity company ‘Naoris Protocol,’ founded by David Carvalho.

During the presentation it was confirmed that 60 million euros will be invested in this project, which will not only involve the creation of the cryptocurrency, but also all the technological security support.

With the tradable value of one euro, the currency, which will be called ‘OSEAN’ will boost the local economy, through easier transactions. Furthermore, it will be a currency that will force the money to stay in the Region, in a very simple way, without the need for cards or bank accounts. 

It will be through an application with a QR reader in which, in any situation, the user can make payments, as in a supermarket, local accommodation or restaurant, and those visiting the island can easily convert their money into ‘OSEAN.’

The idea is that, after being presented to the Government, the project will subsequently be managed by the Region.

It should be noted that this project and the new UMa research centre was presented at the second session of the European program INCORE (Innovation Capacity Building for Higher Education in Europe’s Outermost Regions), which aims to stimulate the entrepreneurial capacity of higher education establishments in the outermost regions of Europe.

Eduardo Leite, responsible for the new research centre, explained that this body appears within the scope of the European project in question, this time related to areas such as entrepreneurship, green economy, and digitalisation, among others.

On reacting to the news, a spokesperson for the Regional Government said that the reference to their management of the new currency was false, and that it gave the wrong impression.

Samantha Gannon

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