Reuters: Fnality’s digital cash settlement project delayed

A project involving 13 of the world’s largest banks and aimed at launching digital versions of major currencies in 2020 is no longer likely to get going this year, the company set up to run the effort said.

Technological development work on the previously named “Utility Settlement Coin” initiative has progressed, but it still needs regulatory approval, said Fnality international chief executive Rhomaios Ram. It hopes to receive that approval by the first quarter of 2021, he said. “The technology is the least complicated part of this whole thing,” said Ram.

Initially spearheaded by UBS, the project has been in the works for more than five years and seeks to create a more efficient way for banks to settle financial transactions. In June 2019 banks including Barclays, Banco Santander and Credit Suisse announced the creation of Fnality, investing £50 million ($64.9mn) into the venture. The company had said it expected the project to be commercialized by 2020.

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