6 of the World’s Biggest Banks are teaming up to create their own Cryptocurrency
- Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street are teaming up with UBS for a digital currency project
- Called “utility settlement coin,” it’s an idea that’s been around since 2015, but it’s now moving into a new phase of development
The crytocurrency will be used for clearing and settling transactions over blockchain.
The banks are in discussions with central banks and regulators, FT reported, citing Hyder Jaffrey, UBS’ head of strategic investment and fintech innovation.
The currency will “go live” in a limited way late next year, Jaffrey told the paper.
The “utility settlement coin” project first launched in 2015, and has been reported on regularly. Still, this week’s news is 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.