Regulators obstructed the launch of the UBS blockchain project

Fnality International, which brings together several major global banks, is forced to postpone the launch of the Utility Settlement Coin (USC) project until 2021. The reason was regulatory barriers, writes Reuters.

Blockchain-based instrument is a payment mechanism and a means of transmitting information about transactions. USC will be collateralized by cash held by regulators.

In 2019, Fnality International asked the regulatory authorities of different countries to issue the necessary permits to launch the USC. It was expected that the project will enter the active phase in 2020.

“Work on the technical development of the Utility Settlement Coin has moved forward, but the project still needs regulatory approval,” said Fnality International.

Recall that the initiative of the Swiss financial holding UBS was supported by NASDAQ, Barclays and other large banks. They invested £ 50 million in the development of the USC token.

Earlier, Mastercard introduced a controlled environment where central banks can test national digital currencies. The company expects that the project will help the participants in making decisions on the development of the local and regional economy.

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