What's New in Payments

New Bank of England settlement system to support ‘private payment systems’

New economy, new finance, new bank — Bank of England — “The Bank of England is in the midst of an ambitious rebuild of the Real Time Gross Settlement (RTGS) system — the backbone of every payment in the UK… RTGS is being re-built so that new private payment systems, including those using distributed ledger, can simply plug into our system… No longer will access to central bank money be the exclusive preserve of banks.”


What's New in Payments

Bank of England puts a hold on research into issuing its own digital currency

Bank halts crypto-currency plans over stability fears — FT Adviser — “The Bank of England (BoE) has been researching the possibility of launching its own digital currency to rival bitcoin, but fears about the impact on the wider financial system means it has no ‘current plans’ to do so… If the central bank launched a digital currency of its own, it worried consumers would stop using commercial bank accounts and, instead, have a bank account with the Bank of England, and choose to use digital technology to purchase goods and services over paper money.”


What's New in Payments

Bank of England examines the technical requirements of central bank-issued digital currencies

Beyond blockchain: What are the technology requirements for a central bank digital currency? — Bank Underground — “What type of technology would you use if you wanted to create a central bank digital currency (CBDC) ie a national currency denominated, electronic, liability of the central bank? It is often assumed that blockchain, or distributed ledger technology (DLT), would be required; but although this could have some benefits (as well as challenges), it may not be necessary.”





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