A new report from the World Economic Forum indicates that over 40 banks are considering offering their own blockchain cryptocurrencies.
According to Huw van Steenis, senior adviser to Bank of England Governor Mark Carney, cryptos have no value and fail fundamental tests of financial services.
With a view to enhance privacy of data sharing, the Bank of England and Chain are examining the DLT system opportunities.
Looking to the huge demand in the crypto space, several banks are now starting to offer investment and cold storage services for digital currencies.
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.
The UK’s central bank has developed its own Proof of Concept ledger and will make the next version of its interbank payments system compatible with settlement in a distributed ledger.
Hyperledger Project continues to attract new companies, with the overall number of members now accounting for more than 120 organizations.
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 takes a reasonable approach to a distributed ledger study and adoption.