The largest banks are preparing a new cryptocurrency

A single cryptocurrency USC will be exchanged for a variety of traditional currency.

Six of the largest global Bank to join the launch of a new form of currency – USC.

This writes the British newspaper Financial Times .

In particular, the launch will be attended by Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street

Recall that in August last year, Swiss Bank UBS, together with Clearmatics Technologies has created a new cryptocurrency which is called the “utility settlement coin” (USC). Later the project was joined by BNY Mellon, Deutsche Bank and Santander.

Now the parties seek to deepen the discussion of USC with the Central banks and are working on additional measures for the protection of new cryptocurrencies.

“We are in discussion with Central banks and regulators and we will continue them in the next 12 months with the purpose of the limited launch closer to the end of 2018,” – said the head of the strategic investment and innovation in financial technology UBS Haider Jeffrey.

To make instant settlement and clearing of transactions with securities of financial institutions involves the technology of the distributed registry.

The transition to USC assumes that the parties to the transactions in securities will not wait until the transfer of traditional cash, instead they will use a cryptocurrency that can be exchanged for the usual money in the banks. This approach will reduce time and monetary costs, as well as the use of human resources.

A single cryptocurrency USC will be exchanged for a variety of traditional currency, depending on the needs of the parties to the transaction.

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