Surprise: World’s major banks working on blockchain-based settlement currency - Hallo friend LATEST UPDATE NEWS, In the article you read this time with the title Surprise: World’s major banks working on blockchain-based settlement currency, we have prepared well for this article you read and download the information therein. hopefully fill posts Article GENERAL NEWS, Article HEALTH, Article LATEST, we write can understand. Well, happy reading.

Title : Surprise: World’s major banks working on blockchain-based settlement currency
link : Surprise: World’s major banks working on blockchain-based settlement currency

Surprise: World’s major banks working on blockchain-based settlement currency

RT | Sep 1, 2017

© Chris Helgren / Reuters

Six big banks have joined a group developing a new settlement currency based on blockhain technology, which is behind bitcoin, ethereum, and other cryptocurrencies. 

Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined UBS, BNY Mellon, Deutsche Bank, Santander, NEX and blockchain startup Clearmatics in a project to create a the “utility settlement coin”. The currency was originally started by UBS.

The project could pioneer the issue of cryptocurrencies by central banks.

"It may well inform the way central banks choose to move things forward. We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point," Hyder Jaffrey, UBS director told Coindesk.

The currency being developed by the banks will be backed by traditional cash.

"The settlement coin will be a collateralized digital currency, backed by cash assets at a central bank, which allows us to transfer ownership easily through the exchange of USCs, thus reducing process complexity and the time taken for settlement," Kaushalya Somasundaram, the head of fintech partnerships and strategy at HSBC, told Coindesk.

In other words, the utility settlement coin allows financial institutions – banks, hedge funds and others -to pay each other or to buy bonds and equities, without waiting for traditional money transfers. The coins would be convertible into different currencies.

Such securities should be transferred to blockchain systems, otherwise the advantages of the technology would be lost.

The first token exchange using the platform could come as soon as the end of 2018, according to UBS.

RELATED:

• ‘Sophisticated’ Ethereum hack steals $8mn worth of cryptocurrency
• $10bn cryptocurrency devaluation in 24 hours, Bitcoin hit hard
• Alternative cryptocurrency ‘ethereum’ looks to topple bitcoin
• Cryptocurrency exchanges shut down amid heavy trading, rollercoaster Bitcoin
• Breaking: Bankers Planning SDR Crypto Blockchain a Mark for the BEAST

---

ExtraSensory.News doesn't have ads. Why? Because Google won't allow it. Other alternative sites are plastered with them. You can support this website by subscribing.

Thus Article Surprise: World’s major banks working on blockchain-based settlement currency

that is all articles Surprise: World’s major banks working on blockchain-based settlement currency This time, hopefully can provide benefits to you all. Okay, see you in another article post.

You are now reading the article Surprise: World’s major banks working on blockchain-based settlement currency the link address https://updatedsnews.blogspot.com/2017/09/surprise-worlds-major-banks-working-on.html

Tweet

Subscribe to receive free email updates: