Bank of England's CBDC 'Britcoin' May Not Rely on Blockchain
The Bank of England is still mulling over which technology will underpin its Central Bank-Backed Digital Currency. Read on to learn more....
- The Bank of England is considering the technology to underpin its Central Bank-Backed Digital Currency (CBDC).
- Unlike other central banks, the Bank of England has not yet decided on using blockchain technology for its CBDC.
- The head of the BOE's CBDC project, Tom Mutton, stated that all options are being considered and research is ongoing.
- The bank is exploring different versions of ledgers, including public blockchains similar to those used in cryptocurrencies.
- Over 100 central banks worldwide are exploring the possibility of implementing a national digital currency.
- The BOE wants to be compatible with distributed-ledger business models but is unsure if they offer more efficiency than conventional ledgers.
- The discussion on the underlying technology for England's CBDC began two years ago.
- The earliest possible launch of the CBDC is expected to be in the second half of this decade.
- England's digital currency, "Britcoin," would likely be accessed through private-sector wallets rather than branded as a Bank of England product.
The sentiment of the article is neutral. It provides information about the Bank of England's considerations and research on the technology for its CBDC without expressing a positive or negative opinion.