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2020-06-13 23:44

Banks In England May Move To Blockchain

United Kingdom-based blockchain firm L3COS has submitted a proposal to the Bank of England, or BoE, for a blockchain-based operating system to power a central bank-issued digital currency, or CBDC. Commercial banks and other financial institutions will benefit from the Real-Time Gross Settlement System, or RTGS, that is built into the L3COS ecosystem.

L3COS described the proposal as a response to the consultation document on CBDC published by BoE in March — which identified several benefits and challenges associated with central bank virtual currencies and invited feedback from technology providers, financial institutions, and academics.