By REUTERS AUG. 31, 2017, 4:24 A.M. E.D.T.
ZURICH — Six new banks have joined a UBS-led effort to create a digital cash system that would allow financial markets to make payments and settle transactions quickly via blockchain technology.
The group aims to launch the system late next year.
Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined the group developing the "utility settlement coin" (USC), a digital cash equivalent of each of the major currencies backed by central banks, UBS said on Thursday.
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