Topic: [2018-07-24] UK Central Bank Says New Payments System Will Be Blockchain Friendl (Read 52 times)
July 24, 2018, 03:54:20 AM
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July 24, 2018, 03:19:19 AM
The Bank of England's updated payments system will be compatible with blockchain-based financial technology forms, Reuters reported Monday.
The announcement is the latest in the BoE's ongoing efforts to modernize its Real-Time Gross Settlement system (RTGS), which is essential for banking and trading in Britain and handles transactions worth around £500 billion annually, or almost a third of the country's economic output. The upgraded system is expected to be launched in 2020, and will be designed to be resistant to cyber-attacks while also being available to a wider number of smaller businesses.
This would enable these businesses to use the system directly, rather than through a proxy of a large bank.
See more - https://www.coindesk.com/uk-central-bank-says-new-payments-system-will-be-blockchain-friendly/
The announcement is the latest in the BoE's ongoing efforts to modernize its Real-Time Gross Settlement system (RTGS), which is essential for banking and trading in Britain and handles transactions worth around £500 billion annually, or almost a third of the country's economic output. The upgraded system is expected to be launched in 2020, and will be designed to be resistant to cyber-attacks while also being available to a wider number of smaller businesses.
This would enable these businesses to use the system directly, rather than through a proxy of a large bank.
See more - https://www.coindesk.com/uk-central-bank-says-new-payments-system-will-be-blockchain-friendly/
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