Fnality International, a consortium of several major banks, has been forced to push back the launch of the Utility Settlement Coin (USC) project to 2021 due to regulatory barriers, Reuters reports.
The blockchain-based instrument is a payment mechanism and a vehicle for transmitting information about trades. The USC will be backed by funds held by regulators.
In 2019, Fnality International appealed to regulators in various countries for the permissions required to launch USC. It was expected that the project would enter the active phase in 2020.
“Work on the technical development of the Utility Settlement Coin has progressed, but the project still requires regulatory approval,” Fnality International said.
The UBS-backed initiative has drawn support from NASDAQ, Barclays and other major banks. They invested £50 million in the development of the USC token.
Earlier, Mastercard presented a controlled environment where central banks can test national digital currencies. The company expects that the project will help participants in making decisions about the development of local and regional economies.
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