TechFlow reported on November 7 that UBS has successfully piloted a blockchain-based payment system called UBS Digital Cash, aimed at improving the efficiency of cross-border transactions. In a statement, UBS said it conducted transactions with multinational clients and banks during the pilot, including domestic transactions in Switzerland and cross-border payments in US dollars, Swiss francs, euros, and Chinese yuan. UBS plans to further expand and develop UBS Digital Cash, which reportedly operates on a private blockchain network accessible only to authorized clients.
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