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.

Four of the world’s biggest banks have teamed up to develop a new form of digital cash, the Financial Times reports.
Continue reading “Big banks plan to coin new digital currency”

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.

Read the full article, click here.


@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

How Bitcoin Could Save London Banks After Brexit

  • The technology could mean banks would not necessarily have to move to the EU.
  • As many readers already know from previous articles, I am skeptical about the idea that Brexit would leave the U.K. economy relatively unharmed.
  • If you remember, the European Central Bank insisted in a rule issued in 2011 that clearing of euro-denominated trades should be done in countries that have the euro as their currency.
  • A bit of context: one of the main reasons why virtually all the big banks in London — the City, as London’s financial services sector is known — supported remaining in the European Union is the fact that clearing of euro-denominated trades must be done within the E.U. Leaving the E.U. will deal a blow to the U.K.’s financial services.
  • I simply doubt that leaving the world’s biggest trading block can be achieved while keeping all the advantages — free movement of goods, services and capital — and rejecting what the proponents of Brexit see as a disadvantage — free movement of people.

Read the full article, click here.


@ReSinanian: “How Bitcoin Could Save London Banks After Brexit – TheStreet”


The technology could mean banks would not necessarily have to move to the E.U.


How Bitcoin Could Save London Banks After Brexit