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6 Big Banks, Including Barclays And HSBC Are Partnering Up To Create A New Cryptocurrency

Fattima Mahdi Truth Theory

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Banks operate under the highest levels of security. They are tasked with keeping our transaction records safe and our money secure.Blockchain is a “data structure that is a digital ledger of transactions”. It operates without a central authority (a bank) and lets everyone on the network manipulate the ledger in a secure way. This technology has created a distributed currency and payment system that is “simultaneously secure, open and global.”

With the rise of cryptocurrencies like Bitcoin, Blackcoin and Ethereum, six major banking corporations are now partnering up to create a cryptocurrency of their own. They want to take advantage of the blockchain technology and are calling their digital coin the “utility settlement coin”. This was originally developed back in 2015 by UBS – a financial services firm. Its purpose was to enable the “clearing and settling of transactions worldwide over a blockchain”. Six new banks – Barclays, Credit Suisse, HSBC, MUFG, Canadian Imperial Bank of Commerce and State Street have now joined UBS, as well as several others already on the project. The banks are currently in discussions with central bank regulators in regards to their cryptocoin. According to the Financial Times, they plan to launch a commercial-grade blockchain systej by 2018.