The world’s largest banks merge and create a new currency – Business Week

Four of the world’s largest banks are creating new currency – the plan is for it to become the industry standard.

Four of the world’s largest banks have joined forces to develop a type of digital money which it hopes will become the industry standard and can be used to manage financial transactions through block chain technology behind Bitcoin.

the four banks are UBS, Deutsche Bank, Santander and BNY Mellon also be joined by the brokerage firm ICAP, writes the Financial Times. A commercial launch of the technology is planned for early 2018 and the major banks is currently selling the idea to the central banks.

The project competes with similar initiatives from players such as Citigroup, Goldman Sachs and JP Morgan.