The launch of digital currencies by the largest banks in the world is postponed due to regulatory obstacles The launch of digital versions of national currencies with the participation of 13 of the world's largest banks will most likely not be implemented according to plan this year, writes Reuters.

World's Largest Banks Delay Digital Currency Launch Due To Regulatory Barriers

Launch of digital versions of national currencies at participation of the 13 largest banks in the world is unlikely to be implemented as planned this year, writes Reuters.

Utility Settlement Coin is on track but still requires regulatory approval, lead company Fnality International said.. They hope to obtain the necessary permission there. first quarter 2021 year.

The project was originally organized by the UBS banking group and has been in development for over five years. Its participants expect to create a more efficient tool for interbank settlements.

In June 2019 Several banks, including Barclays, Santander and Credit Suisse, have announced the creation of Fnality with a £ 50m investment. It was assumed that the commercial launch of the project will take place in 2020. It aims to simplify workflow procedures by issuing digital versions of the US and Canadian dollars, yen, euro and pound on the blockchain.

"Technology is the least complex issue in the entire project," explained Fnality.

Bank of England Governor Andrew Bailey said last week that proper regulatory standards must be developed for stablecoins before they can become widespread..

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