Deloitte Outlines Concept for Central Bank-Backed Cryptocurrency
Would a central bank ever issue its own cryptocurrency? While the verdict may still be out, a new report by professional services giant Deloitte explores how it might go about doing so. Entitled "State-Sponsored Cryptocurrency: Adapting the best of Bitcoin's Innovation to the Payments Ecosystem", the report envisions a bitcoin-like system in which financial institutions act as uncompensated miners for a ledger governed by a central bank. The idea of a central bank-backed cryptocurrency has been floated in the past, as shown by concepts like Fedcoin and comments by the central bank of....
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The Bitcoin community is eagerly awaiting announcements of bitcoin and digital currency regulations from Central Banks of their respective nations. Most of the Central Banks so far published advisories regarding risks involved with digital currency transactions and watching the sector develop. One of the "Big Four" professional services firms, Deloitte has recently published a report titled "State-Sponsored Cryptocurrency: Adapting the best of Bitcoin's Innovation to the Payments Ecosystem". In this report, Deloitte outlines the possibility of financial institutions using bitcoin like....
In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank’s governor insists the institution is open to suggestions that will help it to successfully launch the digital currency.
Benefits of a CBDC
The Ghanaian central bank recently released a document that outlines the key motivations behind its plan to issue a central bank digital currency (CBDC). The document also touches on the digital currency’s design as well as the benefits it will bring....
Deloitte, one of the “Big Four” accounting firms is launching an exclusive blockchain lab in New York’s Wall Street district to research and develop financial blockchain-based solutions. Calling 2017 the ‘make-or-break’ year for blockchain technology, the lab’s focus will look toward creating “ready-to-integrate” solutions for Deloitte’s clients in the financial services industry. To aid in its effort to develop deployable blockchain solutions, the blockchain lab will see over 20 developers and designers staffed under its roof. The effort will be client-focused, Deloitte says, and will now....
The Bank of England has proposed the introduction of a central bank backed digital currency alongside fiat banknotes. The idea of creating a central bank backed digital currency is not a new thing. The digital currency community and central banks of various nations have floated this idea at one point or another. While most nations are yet to act upon it, the Bank of England is already doing the groundwork for such an implementation. A ‘Staff Working Paper‘ published this month as part of the research commissioned by the Bank of England reports that introduction of a Bank of England backed....
The Bank of Ireland, in collaboration with services firm Deloitte has successfully completed a joint proof-of-concept blockchain trial. The trial demonstrated the implementation of a distributed ledger as an accessible data layer, over existing financial systems while focusing on trade reporting. In a press release communicated to CCN by the Bank of Ireland today, the bank has, in partnership with Deloitte, announced the completion of a proof-of-concept blockchain trial. The successful trial demonstrated the means for distributed ledger technology to enable banks to combine the innovation,....