Citi Is Working on ‘Citicoin’ for Cross-border Payments

International Business Times revealed that the global bank Citi is developing blockchains within the bank and test-coins to run across them. Ken Moore, head of Citi Innovation Labs, confirmed that the bank has been looking at distributed ledger technology for the last few years and has amassed a skilled team. They have built three blockchains and a test currency to run across them.

Headquartered in Manhattan, Citi is an American multinational banking and financial services corporation. As of January 2015, it is the third-largest bank holding company in the United States by assets and has one of the world’s largest financial services networks.

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“We have up and running three separate systems within Citi now that actually deploy blockchain distributed ledger technologies,” said Moore. “They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level to be clear. We also have an equivalent to bitcoin up and running, again within the labs, so we can mine what we call a ‘Citicoin,’ for want of a better term. It’s in the labs, but it’s to make sure we are at the leading edge of this technology and that we can exploit the opportunities within it.”

Moore confirmed that Citi is discussing the opportunity to create a state-backed digital currency in a number of different countries with governments and regulators.

In May Bitcoin Magazine reported that Citi, persuaded that digital money adoption is inevitable, replied to a U.K. government call for information on digital currencies with a strongly positive position, and advised that the U.K. government should consider issuing its own digital money.

“Due to the potential benefits, we believe the adoption of Digital Money is inevitable,” noted the Citi document. “While we believe

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