Speaking at the Deutsche Bundesbank G20 conference on “Digitising finance, financial inclusion and financial literacy”, Bank of England (BoE) Governor Mark Carney said that the BoE is looking into the policy and technical issues posed by Central Bank Digital Currencies (CBDC) and developing Blockchain proof-of-concepts.
He noted that the Bank of England, with its FinTech accelerator, are developing Proofs of Concepts with new enabling technologies from machine learning to distributed ledgers. And they are researching the policy and technical issues posed by Central Bank Digital Currencies.
“On some levels this is appealing; people would have direct access to the ultimate risk-free asset. In the extreme, however, it could fundamentally reshape banking including by sharply increasing liquidity risk for traditional banks,” said Carney.
More from the speech:
“Emerging technologies, such as distributed ledger, could in future offer significant gains in the accuracy, efficiency and security of processes across payments, clearing and settlement as well as better regulatory compliance. In the process, tens of billions of dollars of capital may be saved and resilience could be significantly improved,”stated Carney.
“Securities settlement in particular seems ripe for innovation; a typical settlement chain can involve many intermediaries, making securities settlement comparatively slow, operational risks and costs high.”
Oliver Wyman and Santander estimated that distributed ledger technology could reduce banks’ infrastructure costs attributable to cross-border payments, securities trading and regulatory compliance by $15-20bn per annum by 2022.
- Dutch Blockchain Company Tymlez Group Starts Trading on Australian Stock Exchange (ASX) - December 13, 2018
- DNAtix Releases Live Demo of its Blockchain based Genetic Infrastructure Platform - December 11, 2018
- IOHK Launches Secure Smart Contracts Technology for Cardano blockchain - December 11, 2018
- XYO Network to Launch of Blockchain Satellite on SpaceX Falcon 9 - December 11, 2018
- Algo Capital to Invest In Promising Companies Built on Algorand Platform – Announces $100 Million Blockchain Fund - December 11, 2018
- Stackr Taps into AI For Investment Solutions to Power a New Savings Solution - December 11, 2018
- Walt Disney Company Cuts Deal with Blockchain-fueled PlayGame.com to Bring Games to Southeast Asian Fans - December 11, 2018
- Huobi Releases New Derivative Market On Huobi Global - December 11, 2018
- Ledger Expands to New York City - November 26, 2018
- Genetics Prof. David Haymer Joins DNAtix Advisory Board - November 12, 2018
- Libra Announces Commitment to Support Circle Trade’s Financial Reporting Requirements - November 10, 2018
- Evident Proof, Leading Blockchain Immutable Proof Platform Accept Dash & XRP As Business Adoption Soars - November 10, 2018
- Ethereum Now On Hyperledger Fabric - October 28, 2018
- 8000+ Expected – Blockchain Expo North America Exhibition Announces Expert Speakers - October 26, 2018
- Enjin Smart Wallet Update Will Allow Users To Melt & Send ERC-1155 Tokens - October 26, 2018
- Crypto-Friendly Gallery HOFA Launches in Los Angeles With Qvantum Exhibition - October 26, 2018
- Blockchain Company WePower Announces Plans to Tokenize Estonian Power Grid - October 25, 2018
- Overstock’s Medici Ventures, Buys into Crypto Social Network, Minds - October 24, 2018
- Xfinite to release new Blockchain content platform - October 24, 2018
- Omnitude set to transform enterprise business with the move of its ECOM token to Stellar and the introduction of micropayments to users - October 24, 2018