In what could endure a precursor to the elites wishing for a completely cashless society, half-dozen major banks which include: UBS, Spain's Santander, Germany's Deutsche Bank, as well as Canada's Imperial Bank of Commerce convey come upwards together to committee a novel cryptocurrency on the Blockchain that they are calling the 'Utility Settlement Coin'.
The cryptocurrency volition endure backed past times fiat currencies as well as primarily endure used for inter-bank settlements. However every bit the Director of UBS, Hyder Jaffrey reported inwards an interview yesterday, this money could human activity every bit a precursor for when fundamental banks laid out issuing their ain cryptocurrencies every bit a hereafter shape of legal tender.
Six big banks convey joined a grouping developing a novel village currency based on blockhain technology, which is behind bitcoin, ethereum, as well as other cryptocurrencies.
Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG as well as State Street convey joined UBS, BNY Mellon, Deutsche Bank, Santander, NEX as well as blockchain startup Clearmatics inwards a projection to exercise a the “utility village coin”. The currency was originally started past times UBS.
The projection could pioneer the consequence of cryptocurrencies past times fundamental banks.
"It may good inform the means fundamental banks select to motility things forward. We encounter it every bit a stepping rock to a hereafter where fundamental banks consequence their ain [cryptocurrency] at only about point," Hyder Jaffrey, UBS manager told Coindesk.
The currency beingness developed past times the banks volition endure backed past times traditional cash. – Russia Today
