On Thursday, six of the world's largest banks unveiled a series of steps to implement a blueprint for central bank issuance, based on blockchain technology, the same one on which crypto-coins like bitcoin are based.
According to the CoinDesk portal , the Utility Settlement Coin (USC) project was launched a year ago by financial companies UBS, BNY Mellon, Deutsche Bank, Santander and NEX with British startup Clearmatics.
The multinational banks Barclays, CIBC, Credit Suisse, HSBC, MUFG and State Street have joined the initiative recently.
The project aims to pave the way for central banks to contain crypto-currencies in the future, enabling global entities to execute a wide variety of transactions among themselves through the use of guaranteed assets in custom blockchains.
Digital money will be the key to financial markets , so the world's top banks do not want to be left behind.
In fact, project managers have been in contact with central banks and regulators to ensure that the Utility Settlement Coin meets all requirements , such as data protection policy or cyber security.
Although initially limited in scope , Hyder Jaffrey, Head of Investment and Financial Technology Innovation at Utility Settlement Coin, explained the potential impact the project could have: "We see this project as a stepping stone for central banks issue their own crypto-currency. "
