Future Of Digital Currencies: Former Buba Head & The FT Get Horribly Muddled
In true bureaucrat fashion, however, UBS is developing its own digital currency which will use blockchain technology to enhance its settlement process.
Meanwhile, UBS is pressing ahead with its own digital currency. It is working with other banks, including Barclays, Credit Suisse and HSBC, on a “utility settlement coin”. It would use the same distributed ledger technology as blockchain and could be used to clear and settle financial transactions. The idea is that “coins” used for transactions would be backed by cash held in accounts at central banks. They would be safer and quicker than current systems based around a single centre counterparty. Mr Weber reports “an openness by central banks to hear about the concept” but admits the scheme is a long way from becoming operational.
Like JPMorgan’s Jamie Dimon, Weber is pushing the “Blockchain is good, Bitcoin is bad narrative”.
Debate about the future of digital currencies has been overshadowed by the hype over bitcoin. Does Mr Weber worry a bitcoin crash might set back digital currency pioneers? The UBS chairman is adamant it will not. “People do…draw the distinction between the construction of bitcoin or cryptocurrencies as they are now, and the potential that the underlying technology has,” he says.
Weber holds back in the article from laying out the globalists’ wish for a digital world currency, but we have little doubt that he would, if asked. We were reminded again of the famous Economist cover from 1988, which predicted a world currency in 2018…with that slashed zero symbol in the middle of the coin.
Slashed zero from Wikipedia:
The slashed zero glyph is often used to distinguish the digit "zero" ("0") from the Latin script letter "O" anywhere that the distinction needs emphasis, particularly in encoding systems, scientific and engineering applications, computer programming (such as software development), and telecommunications.
(H/T Ned Naylor-Leyland, Old Mutual Global Investors)