Bank of England to develop system for digital currency

July 31, 2020 | Digital Currency

Written by FinTech Alliance

Bank of England to develop system for digital currency

The Bank of England is designing a settlement service that could support a Central Bank Digital Currency.

In Brief:

  • The realtime gross settlement service will be compatible with CBDCs.

  • This is the system where financial institutions hold their accounts.

  • Accenture has been chosen to redesign the network.

What does this mean?

The new version of the system is reportedly set to go live in 2022 and will include other capabilities as well as the ability to support a digital pound. Just a couple of weeks ago, Bank of England governor Andrew Bailey said the organisation was considering the development of a digital currency.  

Read more here.

More in Digital Currency

French central bank names digital currency team
Digital Currency
July 22, 2020

French central bank names digital currency team

The Banque de France has named eight firms it will work with to develop a central bank digital curre...

FCA to gain power over crypto
Digital Currency
July 22, 2020

FCA to gain power over crypto

The Financial Conduct Authority is to gain power over unauthorised cryptoasset firms. In Brief:...

Japan looks into central bank digital currency
Digital Currency
July 20, 2020

Japan looks into central bank digital currency

The Bank of Japan will look into the potential of a digital currency, Reuters has reported. In B...

Digital Currency
August 12, 2019

Cryptocurrencies... the future landscape

The first decentralised cryptocurrency was created in 2009 and many jurisdictions around the world a...

Digital Currency
August 12, 2019

A Tale of Two Countries: Cash Demand in Canada and Sweden

Cash use for payments has been steadily decreasing in many countries, including Canada and Sweden. T...

Digital Currency
August 12, 2019

Crypto-assets – trends and implications

The ECB actually first started to explore trends in crypto-assets back in 2011 and published its fir...

There are no Events in this category