Six of the world’s largest banks have teamed up to create a new form of digital currency. The institutions, including Barclays and Credit Suisse, will be working on the so-called “utility settlement coin”. The latter was created by the Swiss banking giant – UBS – in 2015 to make financial markets more efficient. Earlier, several other banks, including Deutsche Bank and Santander joined the endeavor. The new cryptocurrency will aim to enable the clearing and settling of global financial transactions over blockchain technology. The banks hope to launch it as early as next year.

Radio Sputnik discussed the issue with Luigi Wewege – Principal of Palmetto Global Ventures, which is an international consultancy firm, Instructor at the FinTech School based in California, and author of the book: The Digital Banking Revolution.


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