UBS & Co to Create DLT Trade-Settlement Platform

The platform will be powered by “bitcoin-like token” USC, which is designed to reduce the time and cost of cross-border payments
04 June 2019   430

The Swiss financial holding UBS, together with several large companies, announced the launch of a token for cross-border payments settlements. This is reported by the WSJ.

It is reported that the development of a “bitcoin-like token” USC (utility settlement coin) has been underway for several years, and the WSJ has already called the project one of the largest initiatives in the blockchain sector.

In particular, 14 companies joined the project, including the British financial conglomerate Barclays, the American stock exchange Nasdaq, the Swiss bank Credit Suisse, the American holding company BNY Mellon and the German banking concern Commerzbank.

Participants in the initiative, led by UBS, founded Fnality International and invested £50 million in the development of a new token.

USC is designed to reduce the time and cost of cross-border payments, providing a payment mechanism and a means of transmitting information about transactions.

As noted by Fnality International, the company is already negotiating with regulators from different countries to obtain the appropriate permits. It is expected that the token will begin to fully use within the next year.

It became known in 2017 that UBS began the development of USC.

In addition, UBS, together with IBM, founded the Batavia trading blockchain platform, on which it carried out the first cross-border transactions last year.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.