Six major banks joined together to build new digital currency

Six biggest banks, have joined the initiative of the UBS bank to launch a digital cash system. As Reuters agency remarks, Barclays, Credit Suisse, HSBC, State Street, MUFG and the Canadian Imperial Bank of Commerce came together for creating so called “utility settlement coin” allowing financial markets to make payments and settle transactions quickly via blockchain technology. Lee Braine CTO Office Barclays claims, that he sees several benefits of this project, from reducing risk to improving capital efficiency in financial markets.