UBS launches blockchain payment system "UBS Digital Cash"
On November 9, UBS announced that it has successfully piloted a blockchain-based payment system called UBS Digital Cash, aimed at improving the efficiency of cross-border transactions.
UBS stated in an announcement that during the pilot, transactions were conducted with multinational clients and banks, including domestic transactions in Switzerland as well as cross-border payments made in US dollars, Swiss francs, euros and yuan. It is reported that UBS plans to further expand and develop UBS Digital Cash. The system uses a private blockchain network which currently can only be accessed by authorized customers.
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