Frankenmoney-More Banks Create Bitcoin Alternative

Note from the CEO: Aw, come on guys. You all can’t have your own currency. So four big banks are going to announce they will create a new digital currency, get all the central banks to use it and then ALL the other banks (and the world) will use their creation. Frankenmoney?? Remember Pullman dollars? Maybe the Central Banks should take the lead? Or, just let what’s already happening (bitcoin) make the banks get in line. BUT, a good read.

“Four major world banks are set to announce the creation of a new blockchain-based digital currency, and are hoping to make it the global standard for settlements.

The plan for the originally-titled “utility settlement coin” comes from UBS, Deutsche Bank, Santander, and BNY Mellon. Broker ICAP is also joining them with the aim of convincing central banks to use the new currency starting in 2018.

All four are members of the 50-strong R3 consortium of financial institutions exploring ways to implement distributed ledger technology……Citigroup is reportedly (also) working on its own “citicoin” digital currency, while Goldman Sachs has filed a patent for its “SETLcoin” and a group of hedge funds and traders is apparently also developing the similarly-named “Setl”.”

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