The central bank has studied the cryptosphere and determined that creating its cryptocurrency may ruin the current model of the financial market.
The digital currency will be supported by decentralized distributed ledger mechanism and will be linked to Sterling.
RSCoin, developed in cooperation with two researchers from the University College of London, allows central banks maintaining complete control over monetary supply while providing strong transparency and auditability guarantees.
The central bank of the UK announced a contest for the best ideas of using blockchain potential in order to change the society.
Andy Haldane evaluates current economic situation in the world and underlines the potential of blockchain.
A report by the Bank of England reads that the most discussed cryptocurrency – Bitcoin – is harder money than gold standard due to deflation.
Central banks consider implementing “hybrid systems” involving distributed ledger technology of the type currently used to record Bitcoin transactions.
The banks’ concerns about the future development of digital currencies and their influence on the financial industry.