Six global banks team up to create new digital currency

Aim to launch next year

Six leading global banks have joined forces to create their own form of digital currency, which they hope to launch next year.

Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have come together for a project to create the currency to clear and settle financial transactions using blockchain. The "utility settlement coin" was created by UBS to make financial markets more efficient, and has shifted into a new phase of development, according to the Financial Times. Members have started having more in-depth conversations with central banks and are working on tightening up data privacy and cyber security protections, the paper reports. Falcon enters Bitcoin market with bl...