UBS, Deutsche Bank, Santander and BNY Mellon are reportedly coming together in an effort to create and launch a new digital currency. They are reportedly already pitching the idea to central banks and aiming for an early 2018 commercial launch.
“Today trading between banks and institutions is difficult, time-consuming and costly, which is why we all have big back offices. This is about streamlining it and making it more efficient.”
Head of R&D at Santander, Source: The FT
UBS and Santander in particular are both known to be experienced and very involved in the blockchain space so it comes as no large surprise to see these two names in the group.
The group are expected to spend the next year working on getting Central Bank approval and argue that the launch of a digital currency will increase transparency to regulators.