September 4, 2017
Ten of the world’s major banks have vowed to destroy Bitcoin and make their own cryptocurrency, in a bid to dominate the market.
In a major threat to all current cryptocurrencies, the new digital currency will have the power to blow rival cryptocurrencies out of the market, ultimately making them obsolete, according financial consultant Luigi Wewege.
Sputniknews.com reports: Six of the world’s biggest banks have joined a project to create a new digital currency that will be used to settle transactions over blockchain, the technology that serves as a digital ledger for bitcoin.
Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined the “utility settlement coin” project launched by Swiss banking giant UBS, the Financial Times reported on Thursday.
They join four other banks, Deutsche Bank, Banco Santander, BNY Mellon and NEX, which had already signed up to use the coins. It is hoped the coins will make financial markets more efficient by speeding up systems for settling transactions.
“These large retail banks were exploring ways in which they could use this blockchain technology to speed up back-office settlement systems and help free billions in capital tied up, which could support trades on global markets,” financial consultant Luigi Wewege, Principal of Palmetto Global Ventures and author of the book: The Digital Banking Revolution, told Radio Sputnik.