UBS finds support with Deutsche Bank and others in digital cash push

24 August 2016

Distributed ledger system will be used by the UBS bank with the Clearmatics for spreading the digital currency supported by assets. The initiative is joined by BNY Mellon, Deutsche Bank, Icap and Santander. The trial of the system was performed by the bank with the developer last September to analyze the future advantages of the Utility Settlement Coin, which is the name of the new digital money.

During the trial the bank analyzed risks related to the performance, payments and technologies. The money is virtual and represents the real money assets at the central bank.

The bank started the development within the framework of its Crypto 2.0 Pathfinder Program, a laboratory meant for research and development in the blockchain field.

As an executive of the bank notes, the digital money is getting a key element of the advanced money markets using the distributed ledger and blockchain technologies. He says that the new coin will be aimed at paving the path for the future model of virtual cash for the central bank.

The project will be implemented step by step. The technology underlying the project will be brought by Clearmatics, meantime, the bank representatives will be negotiating with the governmental agencies and central banks.

A representative from Santander believes that the talks held by central banks about the digital money serves as a proof of the virtual currency importance.

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