Bank of England Considers Blockchain Compatibility for Settlement Service
The UK’s central bank said last week that it wants its next-generation settlement system to be blockchain-compatible. A consultation paper published last week outlined the major characteristics of what the Bank of England’s planned real-time settlement system, known as the Real-Time Gross Settlement (RTGS) service, should constitute. According to the Bank of England, the RTGS system essentially forms the foundation of what it does as a central bank. The bank began the process of looking at how the system could be augmented, upgraded or outright replaced earlier this year. Among the....
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The Bank of England has been one of the more aggressive central banks to investigate blockchain and distributed ledger technology, but at least one of its officials doesn’t believe widespread adoption will happen anytime soon. Andrew Hauser, the central bank’s executive director for banking, payments and financial resilience, made the remarks during a speech on the history of how the Bank of England developed its settlement systems over the past 20 years. His speech took place at the CREST Twentieth Anniversary Conference on 20th September, an event commemorating the launch of the UK-based....
Bank of England to include blockchain interface supporting Bitcoin and other digital currencies in its revamped interbank payment system. The Bank of England is known for its progressive outlook. On multiple occasions, representatives of the English Central Bank have hinted the use of digital currency and blockchain technology in the near future. They may have been referring to the recently announced plan to revamp the country’s interbank payment system all this while. In an announcement, the Bank of England made its plans to upgrade its interbank fund transfer network by the end of this....
In order to safeguard the stability of the United Kingdom’s financial system, the Bank of England is exploring the next generation of its Real-Time Gross Settlement (RTGS) service, according to a bank document [PDF]. RTGS is the platform for providing sterling central bank reserves to provide safe final settlement for transactions between banks. The bank has created a vision for the future RTGS service and is seeking feedback. The distributed ledger’s resilience characteristics are potentially attractive to the bank from a financial stability perspective. It is unlikely, however, that....
Life in jolly ‘ole England has been quite turbulent over the past year or so, culminating with the epic Brexit vote this summer, changing the way the nation will do business forever more. This appears to be only the first step in their upgrades for future business initiatives, as the Bank of England has decided to revamp their financial services settlement system to include innovations like Bitcoin’s Blockchain technology. Bank of England wants to be more inclusive and more compatible. The Bank of England has scheduled a redesign of their RTGS (Real-time Gross Settlement) system. RTGS is a....
The Bank of England has indicated it will consider the impact of distributed ledgers as part of a plan to modernize the country’s settlement system. During a speech given at the Bank of England yesterday, Minouche Shafik, the central bank's deputy governor for markets and banking, laid out a four-point vision for the initiative, which has the mandate to deliver goals by the end of this year, with technological development beginning in 2017. The blueprint will seek to answer four questions, Shafik said. These include defining the bank’s policy objectives, determining what functions the....