{"id":28465,"date":"2020-09-10T14:01:18","date_gmt":"2020-09-10T11:01:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=28465"},"modified":"2025-08-27T11:47:17","modified_gmt":"2025-08-27T08:47:17","slug":"regulators-hinder-ubs-backed-blockchain-project-launch","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/regulators-hinder-ubs-backed-blockchain-project-launch\/","title":{"rendered":"Regulators hinder UBS-backed blockchain project launch"},"content":{"rendered":"<p>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, <a href=\"https:\/\/uk.reuters.com\/article\/uk-blockchain-banks-idUKKBN2601X3\" target=\"_blank\" rel=\"noopener noreferrer\">Reuters<\/a> reports.<\/p>\n<p><!--more--><\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<blockquote>\n<p>&#8220;Work on the technical development of the Utility Settlement Coin has progressed, but the project still requires regulatory approval,&#8221; Fnality International said.<\/p>\n<\/blockquote>\n<p>The UBS-backed initiative has drawn support from NASDAQ, Barclays and other major banks. They invested \u00a350 million in the development of the USC token.<\/p>\n<p>Earlier, Mastercard <a href=\"https:\/\/forklog.com\/en\/news\/mastercard-to-launch-sandbox-for-testing-national-digital-currencies\">presented<\/a> 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.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,25,1932],"class_list":["post-28465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-blockchain","tag-ubs"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/28465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=28465"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/28465\/revisions"}],"predecessor-version":[{"id":28466,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/28465\/revisions\/28466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=28465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=28465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=28465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}