A digital currency supported by banks is coming

Some of the world’s largest banks in the world have decided to invest $50 million to create a blockchain-based digital cash system to regulate financial transactions. The project involves around 12 banks. Anna Irrera (Reuters) explains that the utility settlement coin, one of the most ambitious of such projects, would consist of a digital cash instrument that banks could use to settle transactions. The coin would be a digital cash equivalent of central bank-backed currencies like the dollar or euro. It would be convertible at parity.