(Bismarck, ND) — The Bank of North Dakota is set to introduce stablecoin to local banks in September. The move has attracted interest by ten local banks after state regulators approved the use of the technology on Wednesday. The implementation of the cryptocurrency is expected to streamline instant money transfers and bank-to-bank transactions. The state-owned bank is calling their currency “Roughrider Coin” and it will be available for use by North Dakota banks and credit unions. Bank of North Dakota CEO Don Morgan says the stablecoin will not be bought and sold like Bitcoin or Ethereum but will only be used as a payment mechanism in the state’s banking system.
