01 August 2024

Bank of England Pioneers Future of Finance with Digital Currency and RTGS Overhaul

Written By FinTech Alliance in FinTech

Bank of England Pioneers Future of Finance with Digital Currency and RTGS Overhaul

The Bank of England has outlined its strategy for advancing the financial infrastructure in the UK, focusing on innovation in money and payments. This includes efforts to modernise the Real-Time Gross Settlement (RTGS) service and explore new forms of digital currency to enhance the efficiency and resilience of the UK's payment systems.

 - The Bank of England is upgrading its RTGS service to improve the resilience, efficiency, and accessibility of the UK’s central payment infrastructure. This modernisation aims to support a broader range of payment schemes and new payment technologies, ensuring that the infrastructure can adapt to future innovations and demands.

 - The Bank is investigating the potential issuance of a central bank digital currency (CBDC). This digital pound could coexist with cash and bank deposits, providing a secure and accessible form of money in an increasingly digital economy. The CBDC aims to enhance the efficiency of payments and financial stability while supporting innovation in financial services.

 - The Bank emphasises the importance of collaboration with other financial institutions, regulators, and stakeholders to foster innovation. It aims to create a regulatory environment that supports innovation while ensuring financial stability and consumer protection. This includes working closely with fintech firms and other industry participants to develop and implement new technologies in a safe and regulated manner.

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