Banking industry across the globe is obsessed with integrating blockchain technology with their current business model. Thanks to high cost cutting pressures and financial technology race, the banks are attracted to the technology.
Most recently, UBS Group AG, Deutsche Bank AG, Bank of New York Mellon Corp. and Santander Bank have teamed up to develop a new form of digital cash. The group intends to introduce the idea to central banks while proposing its first launch in 2018, as Financial Times reported. The proposed form of digital currency “utility settlement coin” has been pioneered by the Swiss bank UBS.
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