Big banks are working!

Big banks are working!

A joke?

No?

Do you believe that?

Wednesday 24 August 2016

These big banks are working on a digital currency together!

Several of the world's biggest banks are working together to create a digital currency to speed up settlements with the ambitious goal of putting the blockchain-based system into practice by 2018.

UBS has been working on the Utility Settlement Coin (USC) since last year and is now being joined by Santander, Deutsche Bank, BNY Mellon and the broker Icap on the project.

"Digital cash is a core component of a future financial market fabric based on blockchain technologies," said head of the Swiss investment bank's head of fintech innovation and strategic investment Hyder Jaffrey.

"There are several digital cash models being explored across the Street. The Utility Settlement Coin is focussed on facilitating a new model for digital central bank cash."

The currency would be linked with global currencies and central bank reserves rather than being a publicly issued digital currency such as bitcoin.

:))

Will UBS’s Settlement Coin Steal Bitcoin’s

Thunder?