The Presidential Daily Brief

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    Banks Join Forces to Create New Digital Money

    No, it’s not called “Schmitcoin.” Deutsche Bank, Santander, BNY Mellon and UBS have teamed up to pitch central banks on a new digital currency known as the “utility settlement coin.” They want financial trades online, currently time-consuming and expensive, to use a blockchain technology-based currency as an industry standard. Banks initially rejected blockchain, the database that supports cryptocurrencies like bitcoin, as a fraud magnet. But now they’re hoping central banks and regulators will accept the new currency’s advantages in time for a 2018 launch

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