Five banks-giants work together to develop a new kind of digital currency, reports the Financial Times.
Over the project will be working with four banks-Swiss UBS, German Deutsche Bank, American Bank of New York Mellon, Santander, the Spanish and British broker ICAP. In 2017 they intend to obtain the necessary approvals from financial regulators in their countries, says Haider, Garry in charge of the UBS FINTECH-innovation,
The new currency will allow you to perform operations on platforms that use the blockchain technology, which underpins the cryptocurrency bitcoin. The beginning of commercial use of a new currency planned for 2018.
Partners believe that their development will become the new industry standard will reduce the timing of payments and increase their transparency. By the way, this project is not the only of its kind. For example, Citigroup is working on their own solution Citicoin, and Goldman Sachs has filed a patent application for the creation of the service SETLcoin.
Let's see if all the bank can trust the others and adopted a single platform. Fragmented operations on a distributed ledger cryptocurrencys system is not leading them to the right direction they dream of.
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