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Four top banks join forces on new digital currency

Four of Europe and the U.S.'s biggest banks have joined forces to work on a digital-only cash system, which they hope to launch in two years' time.

BNY Mellon, Deutsche Bank and Santander, plus U.K. brokerage ICAP, will join UBS to work on the Utility Settlement Coin (USC), which they hope will be a quicker and more efficient alternative to the current clearing and settlement process.

The coin will be aimed at banks' institutional clients and will use blockchain, the technology behind bitcoin. Blockchain works like a vast, decentralized ledger, recording every transaction made with bitcoin, the world's most-widely used pure-digital cash system...