Big banks plan to coin new digital currency

  • The US Federal Reserve, the Bank of England and the Bank of Canada are among central banks examining the potential benefits of digital currencies.
  • Setl , a London-based group founded by hedge fund investors and trading executives last year, also aims to settle financial market payments with digital cash linked directly to central banks.
  • UBS, the Swiss bank, pioneered the “utility settlement coin” and has now joined forces with Deutsche Bank, Santander and BNY Mellon – as well as the broker ICAP – to pitch the idea to central banks, aiming for its first commercial launch by early 2018.
  • Four of the world’s biggest banks have teamed up to develop a new form of digital cash that they believe will become an industry standard to clear and settle financial trades over blockchain, the technology underpinning bitcoin.
  • Having initially been sceptical about it because of worries over fraud, banks are now exploring how they can exploit the technology to speed up back-office settlement systems and free billions in capital tied up supporting trades on global markets.

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@newmobilitylab: “Big banks plan to coin new digital currency – join our Special Interest Group on blockchain in New Mobility”


Four of the world’s biggest banks have teamed up to develop a new form of digital cash, the Financial Times reports.


Big banks plan to coin new digital currency