Project Fnality began in 2017:
reuters.com
R&D Phase just completed. Now scheduled to launch end of 2020: in.reuters.com
The Utility Settlement Coin (USC) "...would be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by cash assets at a central bank. Spending a USC would be the same as spending the real currency it is paired with."
666 #1kEOY
Personally I was always rooting for the Illuminati
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In 2017:
>ZURICH (Reuters) - Six new banks have joined a UBS-led (UBSG.S) effort to create a digital cash system that would allow financial markets to make payments and settle transactions quickly via blockchain technology.
>The group aims to launch the system late next year.
>Barclays (BARC.L), Credit Suisse (CSGN.S), Canadian Imperial Bank of Commerce (CM.TO), HSBC (HSBA.L), MUFG (8306.T) and State Street (STT.N) have joined the group developing the “utility settlement coin” (USC), a digital cash equivalent of each of the major currencies backed by central banks, UBS said on Thursday.
>The group is in discussions with central banks and regulators and is aiming for a “limited ‘go live’” in the latter part of 2018, UBS’s head of strategic investment and fintech innovation told the Financial Times.
>The Swiss bank first launched the concept in September 2015 with London-based blockchain company Clearmatics, and was later joined on the project by BNY Mellon (BK.N), Deutsche Bank (DBKGn.DE), Santander (SAN.MC) and brokerage ICAP.
>The USC would be convertible at parity with a bank deposit in the corresponding currency, making it fully backed by cash assets at a central bank. Spending a USC would be the same as spending the real currency it is paired with.
Published on May 16, 2019:
>The coin would be a digital cash equivalent of central bank-backed currencies like the dollar or euro that would run on blockchain-based technology. It would be convertible at parity and backed by cash assets held at a central bank. Spending the digital coin would be the same as spending the fiat currency it is paired with.
where's the chainlink breadcrumb?
>It would be convertible at parity and backed by cash assets held at a central bank.
Off-chain to on-chain to off-chain conversions.
Vapourware. XRP was already decided a long time ago, by the banks and the relevant governments, the IMF too.
Holy shit
astro, take your meds