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Investing.com -- A group of major international banks have formed a consortium to explore issuing "digital money" on public blockchains, according to a statement released Friday.
The consortium includes Goldman Sachs Group Inc., Deutsche Bank AG, Bank of America Corp., Banco Santander, BNP Paribas, Citigroup Inc., MUFG Bank Ltd, TD Bank Group and UBS Group AG.
These financial institutions will investigate creating "a 1:1 reserve-backed form of digital money" that would provide a stable payment asset available on public blockchains, with a focus on G7 currencies.
The coalition stated it is already in contact with regulators and supervisors in relevant markets as it evaluates whether such an offering could enhance competition and deliver benefits associated with digital assets.
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