Thirteen of the world's largest banks are preparing to launch crypto versions of major global currencies in 2020:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Fintech Briefing subscribers.Thirteen of the world's largest banks, including UBS, Barclays, and Santander, are preparing to launch crypto versions of major global currencies in 2020,
The USC will provide participants with digital cash instruments for transaction settling. The USC will be denominated in major global currencies including the US dollar, yen, euro, and sterling. Each unit of the crypto denominated in a specific currency will be backed by the corresponding unit of traditional currency, so as to keep the price of the coin stable.
USC suggests banks are bullish on blockchain and crypto — but success isn't assured.These players will likely still have to overcome legal and regulatory challenges in their efforts to adopt the technology, and will need to prove that theissues that hamstrung early experiments have been resolved.
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