Bitcoin price surpasses $5,000 for first time — RT Business

  • The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
  • The cryptocurrency reportedly reached its highest market price of $5,149 thanks to Chinese bitcoin exchange OkCoin.
  • The new record comes amid news that six big banks have joined a project developing a new settlement currency based on blockchain technology – the world’s leading software technology used by bitcoin, ethereum, and other cryptocurrencies.
  • Originally started by UBS, the new currency could pioneer how central banks chose issue cryptocurrencies.
  • “We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point,” UBS director Hyder Jaffrey told CoinDesk.

The price of Bitcoin surpassed $5,000 for the first time, reaching a historic new high for the cryptocurrency, before quickly dipping back below the record-breaking mark.
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Several big banks are teaming up for a new digital currency

  • Six of the world’s biggest banks have joined a project to create a new digital currency, the Financial Times reported Thursday.
  • Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street are working on the “utility settlement coin” that was created by UBS, the newspaper added.
  • The banks are in discussions with central banks and regulators, FT reported, citing Hyder Jaffrey, UBS’ head of strategic investment and fintech innovation.
  • 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.

    Read the Financial Times’ story about the “utility settlement coin” project.

Six of the world’s biggest banks have joined a project to create a new digital currency, Financial Times reported on Thursday.
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The National Bank of Canada Just Joined An Alliance to Develop Ethereum

The Bank of Canada Just Joined An Alliance to Develop Ethereum - Motherboard  #Ethereum

  • On Monday, the Enterprise Ethereum Alliance announced 86 new members that will work together to develop business applications on the Ethereum blockchain, including Toyota, Deloitte, Samsung SDS, and the National Bank of Canada.
  • But while bitcoin has become a haven for speculators trying to win big by trading coins, Ethereum’s promise is that its blockchain—the public ledger that records all transactions—is chiefly a platform for developing apps, powered by economic incentives.
  • Read More: The Bank of Canada Slipped the Konami Code Into a Bank Note Announcement

    The alliance, which was founded in February of this year, is a global foundation with more than 100 members which include financial institutions like JP Morgan, Credit Suisse, and Banco Santander.

  • The bank ran a pilot using an in-house digital currency to conduct interbank transactions on a blockchain in 2016, snubbing the existing bitcoin currency.
  • Ethereum still might not be as valuable as bitcoin (one coin is worth over $2,000 USD at the moment, while one denomination of Ethereum, called ether, is worth $163), but it could be a whole lot more useful for banks.

Why not bitcoin?
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