Friday, September 1, 2017

Major banks prepare for cashless society by working on a new 'Settlement Coin' crypto on the Blockchain

In what could be a precursor to the elites desire for a completely cashless society, six major banks which include: UBS, Spain's Santander, Germany's Deutsche Bank, and Canada's Imperial Bank of Commerce have come together to commission a new cryptocurrency on the Blockchain that they are calling the 'Utility Settlement Coin'.

The cryptocurrency will be backed by fiat currencies and primarily be used for inter-bank settlements.  However as the Director of UBS, Hyder Jaffrey reported in an interview yesterday, this coin could act as a precursor for when central banks begin issuing their own cryptocurrencies as a future form of legal tender.

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. – Russia Today

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