Bank of England's CBDC 'Britcoin' May Not Rely on Blockchain

Crypto News
Crypto News

28 Jun 2023 1:09 PM

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.

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You May Ask

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