Published on September 15th, 2017 | by bitcoin0
Bank of England Official Says a Digital Currency Must Be Extraordinarily Resilient
A researcher at the Bank of England explored some of the design requirements for a central bank-issued digital currency earlier this week – regardless of whether it utilizes blockchain to operate.
Writing on the Bank Underground blog, Simon Scorer, who serves a manager for UK central bank’s digital currencies research team, set aside some of the legal and economic considerations involved (which have been raised by others at the Bank of England).
As he wrote:
“Like current financial infrastructure, a widely used [central bank digital currency] would likely be considered critical national infrastructure.…It would need to be operational across the country, 24 hours a day, 365 days a year.
According to Scorer, a central bank digital currency needs to be resilient against a range of problems and capable of running continuously.
The UK central bank has been examining potential uses of the tech, including for the use of an institutionally backed digital currency, since as early as 2015.