Submitted by cpowell on Thu, 2017-08-31 13:02.

By Martin Arnold

Financial Times, London

Thursday, August 31, 2017

Six of the world's biggest banks have joined a project to create a new form of digital cash that they hope to launch next year for clearing and settling financial transactions over blockchain, the technology underpinning bitcoin.

Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG, and State Street have teamed up to work on the "utility settlement coin," which was created by Switzerland's UBS to make financial markets more efficient.

The move comes as the project shifts into a new phase of development, in which its members aim to deepen discussions with central banks and to work on tightening up its data privacy and cyber security protections. ...

... For the remainder of the report:

https://www.ft.com/content/20c10d58-8d9c-11e7-a352-e46f43c5825d



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