One of the largest factors for success in digitizing various currencies is ensuring there is a 1:1 cash reserve held with a market leading security company.
DCE is 100% backed by euros held in safes so that it’s always redeemable 1:1 for euros.
DCE will be issued on the Ethereum blockchain, meaning the total amount in circulation can be publicly viewed. In the current banking environment, reserve balances (and any required foreign exchange conversion) are not easily viewable by the public. To assure customers that our tokens are solvent, Digital Cash GmbH is engaging an independent registered public accounting firm to examine and attest to the underlying currency reserves, and to issue a publically available attestation reports. The accounting firm adheres to standards established by the Institut der Wirtschaftsprüfer in Deutschland e.V. [Institute of Public Auditors in Germany, Incorporated Association] (IDW).
Institute of Public Auditors Germany (Institut der Wirtschaftsprüfer)
The IDW is a full and founding member of Accountancy Europe, a full and founding member of the International Federation of Accountants (IFAC) as well as a full and institutional member of the International Valuation Standards Council (IVSC). The IDW, together with the Wirtschaftsprüferkammer [Chamber of Public Accountants] (WPK), is currently a sponsoring organisation of members of the International Auditing and Assurance Standards Board (IAASB), the International Ethics Standards Board for Accountants (IESBA) as well as IFAC’s Small and Medium Practices Advisory Group (SMPAG).