Bank of England Reports That Central Banks Consider Using Blockchain Technology. – Bitcoints

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Published on July 21st, 2015 | by bitcoin

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Bank of England Reports That Central Banks Consider Using Blockchain Technology.

The Bank of England has recently stated that central banks consider implementing “hybrid systems” involving distributed ledger technology of the type currently used to record Bitcoin transactions.

Representatives of the Bank of England said that further research would also be required to devise a system that could utilize distributed ledger technology without compromising a central bank’s ability to control its currency and secure the system against systemic attack.

As known, Central banks are the governors in terms of regulation and have a mission to ensure financial stability throughout the system.

“The first question is whether a protocol for a central bank issued digital currency could be developed at all,” the Bank of England stated meaning that regulatory control is the armor central banks will advance with.

It appeared that this is not the first time of banks showing interest in blockchain technology.

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