UBS launches blockchain payment system "UBS Digital Cash"

On November 9, UBS announced that it has successfully piloted a blockchain-based payment system called UBS Digital Cash, aimed at improving the efficiency of cross-border transactions.

UBS stated in an announcement that during the pilot, transactions were conducted with multinational clients and banks, including domestic transactions in Switzerland as well as cross-border payments made in US dollars, Swiss francs, euros and yuan. It is reported that UBS plans to further expand and develop UBS Digital Cash. The system uses a private blockchain network which currently can only be accessed by authorized customers.