Largest Banks Hope to Launch Crypto Versions of Currencies
By Tyler Smith – Cryptocurrency Broker
Financial Times has reported that thirteen of the world’s largest and most renowned banks, including Barclays, UBS, and Santander, are getting ready to launch crypto versions of global currencies in 2020. Users will be able to buy cryptocurrency versions of these global currencies to transact on top of a blockchain.
Since 2015 the banks, led by UBS, have been developing a cryptocurrency known as the Utility Settlement Coin (USC) to see if blockchain can optimise wholesale banking processes. In addition, the thirteen banks including the Nasdaq Stock Market have invested in a new venture, Fnality, worth £50 million ($63 million) that aims to run the USC project. This investment was previously reported by Reuters to be $50 million.
What this means is these major banks can give the USC project some potential to induce crypto buying and selling for success, but not necessarily any guarantee.
USC participants will be provided with digital cash instruments for settling transactions. The major global currencies the USC will be denominated to include, the US dollar, Euro, Pound Sterling and Japanese Yen. These will not only be available to the nations the currency is based in but any user buying crypto can transact on this chain.
The USC project will firstly focus on niche applications and Fnality will aim to develop the necessary market infrastructure with which cryptos can properly be deployed. The coin’s initial applications include meeting margin requirements of derivative trades.
USC believes banks are highly optimistic on crypto and blockchain but success isn’t guaranteed. USC proponents still need to overcome some legal and regulatory challenges for them to adapt to the new technology successfully and encourage selling and buying Bitcoin and crypto. They also need to prove that whatever scalability issues that hindered early experiments have been addressed.
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