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Major banks join forces to create new digital currency

Thursday 31 August 2017 10:26 CET | News

Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have teamed up to create the “utility settlement coin”.

The new cryptocurrency will be used for clearing and settling transactions over blockchain. Furthermore, the banks are in discussions with central banks and regulators, FT reported. The new digital currency might be rolled out by the end of 2018.

Even if the project was first launched in 2015, it has been reported on regularly. Currently, the bank talk about the transition into the next phase of the project “in which its members aim to deepen discussions with central banks and to work on tightening up its data privacy and cyber security protections,” according to the FT.


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Keywords: Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, State Street, cryptocurrency
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies