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The study was part of the central bank’s One Bank Research Agenda, a
report that investigates the current central polices and their
interaction with the ever-changing international polices, regulations,
market structures, and none the least, the fundamental technologies. In
it, the Bank of England clearly recognized Bitcoin as an obstructive and
adoptive technology, the one they could use in future.
“The emergence of private digital currencies (such as Bitcoin) has shown that it is possible to transfer value securely without a trusted third party,” the central bank said while questioning whether they could issue its very own digital currency.
“The emergence of private digital currencies (such as Bitcoin) has shown that it is possible to transfer value securely without a trusted third party,” the central bank said while questioning whether they could issue its very own digital currency.
“It could be used as a new way of undertaking interbank settlement,” it predicted, “or it could be made available to a wider range of banks and NBFIs.” The bank meanwhile also noted the negative impacts such a obstructive technology could have on the current payment system.
The report further routed through more issue a normal bank could face
while implementing the Bitcoin technology. It first spoke of challenges
in making a separate protocol for bank’s digital currency. It meanwhile
also raised the economical and regulatory issues that will need an
overlook before implementing a new distributed ledger system.