Banks are getting into digital currency

Banks are getting into digital currency

The hegemony of the banking system might never leave the planet. A group on major international banks planning to invest in a digital cash system using blockchain technology. Though the names of the banks remain shrouded, an investment of $50 million is quoted by the source. Around a dozen banks are creating the entity named “Finality” to run the project.

No detail regarding the deal is available till the date.  The project is expected to launch in 2020.

Earlier in 2015, A group of banks (UBS, Banco Santander, Bank of New York Mellon Corp, State Street Corp, Credit Suisse Group AG, Barclays PLC, HSBC Holdings Plc and Deutsche Bank AG) initiated a similar project. The Project was named “utility settlement coin,” proposed by Swiss bank UBS Group AG and London-based technology startup Clearmatics. The coin will serve as digital cash equivalent backed by Central banks currencies.

Millions of dollars have been invested in research and test run by Banks and financial institutions. The project will entertain services like securities settlement and international payments.

I am a writer and critic with a passion for Politics and International relations. Being a business graduate, I work in one of the fastest growing IT companies in Pakistan. I am also the co-founder and have remained editor-in-chief of IU Gazette. I consider learning as vital as breathing and love to inspire and be inspired.