IBM has held informal discussions with a number of central banks about the creation of a blockchain-based digital cash and payment system for major currencies, according to a report by Reuters. The objective is to allow people to transfer cash or make payments instantaneously using this technology without a bank or clearing party involved, saving on transaction costs, says the wire, citing a source familiar the plans. The transactions would be in an open ledger of a specific country's currency such as the dollar or euro, said the source, who declined to be identified because of a lack of authorisation to discuss the project in public.

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