Bank of England to Create Hybrid Intrabank Payment System, Includes Bitcoin Support
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....
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According to a latest report from International Business Times, the Bank of England has said that central banks are looking to utilize the blockchain technology, the technology behind the cryptocurrencies such as Bitcoin to create "hybrid systems." The Bank of England said: "There is more than one way in which a distributed ledger system can work, and remuneration would have to be designed in such a way as to incentivise honest participation in the system without leading to socially inefficient over-investment in transaction verification." "Further research would also be required to devise....
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....
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....
Over the past few months, the central bank of England has discussed the significance of a blockchain-based cryptocurrency, and the possibility of issuing its own digital currency as part of an initiative to discourage the use of fiat money in the country. In a "Livery Room" session from the Open Forum 2015 hosted by the Bank of England on Wednesday, former JPMorgan executive Blythe Masters outlined the advantages of a "newly invented currency system" such as bitcoin, and the efficiency of the blockchain technology in the settlement of assets and transfer of value. "The role of central....