Competition for Bitcoin: now Comes the “Zentralbankcoin”?
Home News competition for Bitcoin: now Comes the “Zentralbankcoin”?
Marcel Knobloch –
Bitcoin is viewed in some circles of the crypto-world as a new world reserve currency, and as a liberation from the current financial system. Different Central banks of this world do not see Bitcoin as a high-risk object of speculation, however, as a real danger for the economy. According to the latest Reports, it will become the Central banks to launch a digital Asset that the Central banks is covered.
The largest banks in the world will bring a platform for the use of Blockchain-based currencies, which are covered at 100% of Zentralbankden, on the way. The USC project (Utility Settlement Coin) currently supports USD, CAD, EUR, GBP and JPY for commercial institutions and Central banks. The company Fnality International covers a whole range of prominent business partners and founding shareholders. The Banco Santander, BNP Paribas, BNY Mellon, Barclays, CIBC, Commerzbank, Credit Suisse, ING, KBC group, Lloyds Banking Group, MUFG Bank, Nasdaq, Sumitomo Mitsui Banking Corporation and State Street Corporation and UBS, among others. The economic newspaper Nikkei describes that the respective Coins can be converted into the major currencies (freely translated):
Fnality accounts will be set up at participating Central banks and USCs (Utility Settlement Coins) to spend, the digital Equivalent of the major currencies, which can be one-to-one in your partner currencies converted.
If a customer is transferring money out of Japan in the United States, and it refers to a Japanese commercial Bank in the specified Yen amount to the Central Bank of the country. Fnality then the appropriate amount of USCs, and deposits it on an account with a certain American business Bank. The Bank shall transfer the corresponding amount to the personal account of the customer.
Fnality to work with the Supervisory authorities around the world to all state laws and regulations to comply with. Fnality was able to collect in a first round of financing has nearly 63.2 million USD. The idea for such a project is not new and was already proposed in 2015, by the Swiss Bank UBS Gruoup AG and the London-based Blockchain research and development company Clearmatics.
Projects like Ripple, as well as IBM World Wire, puts on the Stellar Protocol, a powerful network available to handled with the help of cross-border payments within seconds at a very low cost can be. Some of the major banks now follow a different number and apparently they want to build an alternative payment system that you have complete control and not “between merchants” have to leave. The USC could in the long term, to sweep many of the digital Assets from the market, since many crypto-currencies are pursuing the goal of an alternative currency, which offers the advantages described above. The US Bank giant JPMorgan caused the beginning of the year caused a stir when the company announced its plans to bring its own digital currency, the JPM Coin, on the market. This Coin is one-to-one covered by the USD, similar to the Tether, and thus value is stable and not volatile.
Facebook is also working on a Blockchain-based payment platform, which has the potential to reach 2.5 billion people in the world. This platform is expected to come on the market next year and could change the crypto universe instrumental. Many Kritikier see, however, a clear contradiction, since crypto-currencies are decentralized-operated and this idea of a platform of Facebook completely contradict it. The USC project of the large banks has yet to be approved by the authorities, reports the Wall Street Journal. According to the CEO Rhomamius of Ram, the platform should be supported within 12 months, ready-to-use sin and also securities with a Token and can immediately handle.
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