Why ICAP Believes Central Banks Could Adopt Digital Currency
There was an outlier among a group of financial institutions that this week announced they are in the process of building a new blockchain and digital currency settlement network. Called the 'Utility Settlement Coin', the project was created by startup Clearmatics and tested by four global banks: UBS, BNY Mellon, Deutsche Bank, and Santander. But a fifth member of the consortium, ICAP, stands apart for two reasons. First, its team of participants span multiple companies within the market infrastructure provider. Second, as a market infrastructure provider, a digital currency that runs on a....
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Two resources available almost exclusively to central banks could soon be opened up to additional users as a result of a new digital currency project designed by a little-known startup and Swiss bank UBS. One of those resources is the real-time gross settlement (RTGS) system used by central banks (it's typically reserved for high-value transactions that need to be settled instantly), and the other is central bank-issued cash. Using the Utility Settlement Coin (USC) unveiled today, the five-member consortium that has sprung up around the project aims to help central banks open-up access to....
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