RT - Russia Today | Sept 1, 2017 | World’s major banks working on blockchain-based settlement currency | Blogger: I'll bet, that the Nordic Wall Street Banks also has itchy trigger fingers. The Rothschild private central banks will be digitized and soon, time to get ready for the cashless society. Blockchain, is a secure system for international transfers of everything from money to securities and other financial contracts. A paradigm shift of dimensions that can replace SWIFT, digital solutions and create profit like never before. A technical platform with no limits. Blockchain will revolutionize the banking industry and end the cash flow (FIAT money). As you might have noticed, the statement from Kaushalya Somasundaram, the head of fintech partnerships and strategy at HSBC: "The settlement coin will be a collateralized digital currency, backed by cash assets at a central bank, which allows us to transfer ownership easily through the exchange of USCs", That's “baloney!”. Only thing that will be accepted by 'We The People' is -- Cryptocurrency Backed by Gold & De-Fiatisation of the World.. The new monetary system in which currency is backed by gold and other commodity.. A dollar bill is not lawful money, but rather “legal tender. Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. Redeemable notes into gold ended in 1933 and silver in 1968. There's NO cash in the central banks - only 5%. Digital accounts, the 95% of the money supply, are created by the PRIVATE banks when they make loans... |

© Chris Helgren / Reuters

Six big banks have joined a group developing a new settlement currency based on blockhain technology, which is behind bitcoin, ethereum, and other cryptocurrencies.

Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined UBS, BNY Mellon, Deutsche Bank, Santander, NEX and blockchain startup Clearmatics in a project to create a the “utility settlement coin”. The currency was originally started by UBS.

The project could pioneer the issue of cryptocurrencies by central banks.

"It may well inform the way central banks choose to move things forward. We see it as a stepping stone to a future where central banks issue their own [cryptocurrency] at some point," Hyder Jaffrey, UBS director told Coindesk.

The currency being developed by the banks will be backed by traditional cash... [READ MORE]

LÆS OGSÅ: Blockchain-revolution: Tidens mest hypede teknologi som bankerne kalder for 'Transaction Banking Business'

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