Digital Versions of Global Currencies Coming in 2020

Thirteen of the biggest banks in the world are looking to launch digital currencies in 2020; the banks hope that distributed ledger technology will help them cut down on paperwork and processing but there are still legal and regulatory hurdles; research from UBS shows that a utility settlement coin (USC) will be used for clearing and settlements in trading; the USC, according to the Financial Times will have 14 owners and members and will be denominated in major global currencies; for instance, the dollar denominated USC will be backed by a traditional dollar at the Federal Reserve; it is expected that given the participation of big banks that there will be immediate traction though the true impact will be realized more gradually. Source