Why banks joined the cryptocurrencies race? To stay relevant, match up to competition, exercise control or defeat existing crypto? Why banks develop their own digital currencies? — CoinTelegraph (@CoinTelegraph) September 7, 2016 According to the Cointelegraph twitter quiz, over 46% of participants think that banks develop their own cryptocurrencies so they can exercise control. In a patent application filed October 30, 2014, but published only recently, Goldman, Sachs & Co. has made a claim of having developed a new cryptographic currency called SETLcoin that will be held in electronic wallets. According to the description made in the application: “The wallet has the technology to generate, manipulate, and store a new cryptographic currency, referred to as SETLcoins, for exchanging assets, such as securities (e.g., stocks, bonds, etc.) cash, and/or cash equivalents via a peer-to-peer network.” Banks are all in for crypto It seems that the banks have placed all their chips on cryptocurrency. Goldman Sachs has come up with its own flavour and Citibank, too, has a variant called Citicoin. In August , the four big boys of banking namely UBS, Deutsche Bank, Santander and BNY Mellon joined forces to develop their own digital money. The Bank of Tokyo-Mitsubishi UFJ (MUFJ) is also planning to launch its own digital money according to The Asahi Shimbun and they might actually be the first one to debut this currency around Autumn 2017. Bitcoin has proven to work It seems that the technology behind Bitcoin has now been proven to work. The real world scenario of Bitcoin adoption is a factor which is pushing up confidence in cryptocurrencies and the Blockchain tech behind it. The idea that costs can be cut down and the transmission of money made easier for interbank settlements, as well as P2P transactions, holds sex appeal for these big […]
