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New Year – new cryptocurrency

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New Year – new cryptocurrency
August 31
09:00 2017

Today the most authoritative world edition the Financial Times has provided interesting information from the area of cryptocurrencies. The fact is that the most important players in the banking sector Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street decided to consolidate their efforts in order to introduce to the market a fundamentally new cryptocurrency.

The currency was released to the market about a year ago. Its name is “utility settlement coin” or abbreviated as USC. Initially, the procedure of issuing a new cryptocurrency was initiated by UBS Bank and the company Clearmatics Technologies. A little later some serious banks joined the promising project. They are BNY Mellon, Deutsche Bank and Santander.
The advantage of the new currency is the newly introduced technology for distribution the registry. This is necessary to accelerate the settlement process in the USC cryptocurrency (its name literally means “a practical currency for making payments”).

Currently, the work to strengthen the protection of the cryptocurrency is under way. In addition, banks are trying to maximize the USC in the central banks of the participating countries.
The position of the director of strategic investments and innovations in the company USB is occupied by Haider Jeffrey. He said that negotiations with regulating organizers and central banks were in an active phase and would last at least one year. Jeffrey also noted that the currency release was scheduled for the end of 2018.
It is common knowledge that banks are the most conservative part of the world financial market. It is not surprising that at the beginning of the emerging of cryptocurrencies, the banking sector treated the technology as well as the concept itself very skeptical. However, as time went on, the cryptocurrency market had been developing and became more complicated. And banks began to look for the ways to integrate the blockchain technology into their operational processes.

It is planned to use the new cryptocurrency as a universal exchange equivalent for transactions with securities. This will significantly reduce the time of transactions and save money and human resources.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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