{"id":1051,"date":"2016-08-30T10:33:00","date_gmt":"2016-08-30T10:33:00","guid":{"rendered":"https:\/\/blog.holytransaction.com\/2016\/08\/why-banks-must-adopt-digital-currency.html"},"modified":"2023-01-14T02:18:52","modified_gmt":"2023-01-14T00:18:52","slug":"why-banks-must-adopt-digital-currency","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/08\/why-banks-must-adopt-digital-currency.html","title":{"rendered":"Why Banks must adopt Digital Currency"},"content":{"rendered":"<div style=\"clear: both; text-align: center;\"><a style=\"margin-left: 1em; margin-right: 1em;\" href=\"https:\/\/3.bp.blogspot.com\/-hkk9G6TD82U\/V8VgesYwIaI\/AAAAAAAAAus\/j6mFKsjid04bX2x2RENOWrMU__xqniGWQCLcB\/s1600\/05-27-15-IoT-Alliance-Between-Open-Interconnect-Consortium-and-Industrial-Internet-Consortium-e1432752718620.jpg\"><img loading=\"lazy\" decoding=\"async\" title=\"banksmustadoptdigitalcurrency.jpeg\" src=\"https:\/\/3.bp.blogspot.com\/-hkk9G6TD82U\/V8VgesYwIaI\/AAAAAAAAAus\/j6mFKsjid04bX2x2RENOWrMU__xqniGWQCLcB\/s320\/05-27-15-IoT-Alliance-Between-Open-Interconnect-Consortium-and-Industrial-Internet-Consortium-e1432752718620.jpg\" alt=\"banks_must_adopt_digital_currency\" width=\"320\" height=\"240\" border=\"0\" \/><\/a><\/div>\n<div style=\"text-align: justify;\">\n<h3 style=\"clear: both; text-align: left;\">Why Banks Must Adopt Digital Currency<\/h3>\n<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Financial Institution <b>ICAP <\/b>explained why <b>banks must adopt digital currency<\/b> in the near future.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Recently <b>a<\/b><a href=\"https:\/\/holytransaction.com\/blog\/2016\/08\/banks-want-to-issue-their-digital-currencies.html\"><b> group of banks announced their project to build a private blockchain<\/b><\/a> and create a new digital currency to be used within financial institutions with the goal of improving fund transfers and reducing costs.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Called the \u201c<b>Utility Settlement Coin<\/b>\u201d, this program was created by <b>Clearmatics<\/b> and tested by <b>UBS, BNY Mellon, Deutsche Bank, <\/b>and <b>Banco<\/b>\u00a0<b>Santander<\/b>.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This consortium is also participated by ICAP, but the company decided to stand apart from this project for now, because a new settlement system based on a cryptocurrency that works in a private blockchain could be disruptive for their business.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">ICAP, in fact, is an <a href=\"https:\/\/en.wikipedia.org\/wiki\/Electronic_trading\">electronic<\/a> <a href=\"https:\/\/en.wikipedia.org\/wiki\/Broker-dealer\">dealer broker<\/a> and provider of post trade risk services, carrying out transactions for <a href=\"https:\/\/en.wikipedia.org\/wiki\/Financial_institution\">financial institutions<\/a> and private individuals, so exactly the kind of infrastructure that the USC might impact.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">But, ICAP doesn\u2019t want to go against modernity and innovation so it wants to let people understand how a proprietary distributed network should be adopted. Also, <b>ICAP said it might join the project later.\u00a0<\/b><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">ICAP <b>Michael McFadgen <\/b>explained to <a href=\"http:\/\/coindesk.com\/\">Coindesk<\/a>:<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>&#8220;A long-term vision for market infrastructure based on distributed ledgers is that it has some common layers that the market uses widely. One of those layers is hopefully the Utility Settlement Coin. We will likely be building on top of that.&#8221;<\/i><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\">A private Blockchain<\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Utility Settlement Coin works on a blockchain called \u201c<b>Decentralized Clearing Network<\/b>\u201d and it aims at providing easier access to central bank-issued cash.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">ICAP also announced they <a href=\"http:\/\/www.coindesk.com\/icap-completes-post-trade-blockchain-trial\/\">completed<\/a> a test with startup Axoni to convert trade data from banks, so it could be processed on a private blockchain, but this program is not overlapping with with the USC one.<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Why Banks Must Adopt Digital Currency Financial Institution ICAP explained why banks must adopt digital currency in the near future. Recently a group of banks announced their project to build a private blockchain and create a new digital currency to be used within financial institutions with the goal of improving fund transfers and reducing costs. [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54,62,119,130,181,222,229,343,419,648],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Banks must adopt Digital Currency -<\/title>\n<meta name=\"description\" content=\"Discover the potential benefits of using blockchain technology for the Australian Postal Service. 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