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UBS works on virtual coin

UBS is working on a prototype virtual currency that can be used by banks and financial institutions as a basis to settle main stream financial markets transactions. The proposed ‘utility settlement coin’ would be linked to real world currencies and central bank accounts, unlike bitcoin. This can be also used to power transactions on institutional financial platforms built on blockchain technology. The digital coin is being developed in collaboration with London-based Clearmatics, a startup which develops blockchain-based software to enable clearing and settlement of financial transactions. The bank officials said it does not plan on issuing the digital coin itself, but hopes to work with other market participants including asset managers, regulators and market structure providers like clearing houses and exchanges for an industry-wide product. E-commerce commercial director of the bank Hyder Jaffrey said the bank had already reached out to potential partners. Other financial institutions, including exchange groups Nasdaq and CME Group, Spanish bank Santander and Deutsche Bank are also said to be exploring blockchain uses in mainstream finance.

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