IBM: interbank currency blockchains should address emerging markets
Banks and fintechs, including USC consortium, vie to build distributed networks for FX transactions
Targeting major reserve currencies with technology to introduce blockchain-based cross-border transfer systems misses the needs of emerging markets that would benefit more from new infrastructure, according to IT giant IBM, which is rivalling fintechs in the space.
A range of companies are pursuing projects to issue digital versions of fiat currencies. Notably, this month the Utility Settlement Coin (USC) consortium announced it is building a distributed network to support foreign exchange
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