5th February 2018
Some industry experts believe that implementing blockchain technology in the banking sector is poised to solve multiple challenges facing such industry by facilitating faster, secure, and more transparent transactions. MSI's Maltese law member Chetcuti Cauchi explains further.
However, blockchain presents a double-edge sword for banks. On the one hand, it could potentially save banks billions in cash by dramatically reducing processing costs which would make banks increasingly profitable and valuable. On the other hand, however, technological developments have attracted many new fintech start-ups to the market.
In September 2015, Swiss bank giant UBS, together with blockchain firm ‘Clearmatics’, joined forces to develop a digital cash system that would allow financial markets to make payments and settle transactions quickly through blockchain technology. Since then, other global banks have joined the group with the goal of creating the Utility Settlement Coin (the ‘‘USC’’).3 The idea has seemingly unified traditional players in this innovative venture to create a new blockchain-based digital currency, and UBS is currently involved in discussions with regulators and hopes that the USC will go live in 2018.
Read the full article here
Chetcuti Cauchi is a professional services group providing legal, tax, corporate & trusts services to business families and entrepreneurs worldwide.
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That’s excellent news. All the best of luck for tonight. #TaxAwards2018 https://t.co/RQ7CPaToeC
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