Pilot testing its own crypto token had caused the international financial conglomerate Citigroup to abandon plans for its release. It is reported by CoinDesk, citing a statement by the head of Citigroup for innovation in the field of storage and trade Gulru Attack.

Having studied the capabilities of token in international payments, the management of Citigroup recognized the existing technological solutions provided by SWIFT, more efficient, and their funding is economically justified.

“We will improve the existing financial technology, not to concentrate all their efforts on future technologies that have not yet found widespread application in major financial institutions”, — said Gulru Attacks.

Question about creating a cryptocurrency token in the Bank group rose in the year 2015. However, the company never officially announced the creation of Citicoin and did not demonstrate his experimental samples.

Recall that in September 2018 Citigroup announced plans to issue receipts on the digital assets that will allow customers to trade digital currencies without owning them directly.