Bank of England May Use Distributed Ledger Technology To Renew UK Payment SystemMinouche Shafik, Deputy Governor, Markets & Banking Bank Of England, stated the bank considers using the distributed ledger technology in its new infrastructure.
Speaking at the Bank of England on Wednesday, she said that legacy payment and settlement systems have “changed dramatically”. Indeed, when it comes to settlement, the current solutions cannot face the growing demand for speed. For that reason, the bank is going to compile a “blueprint” for next few years, in order to determine what exactly has to be done, and what innovations can be used. Speaking about current issues in those systems, Shafik said:
“That is why we are today announcing our plan to design a blueprint for a new heart that can support the future demands placed on the UK’s high-value sterling settlement system.”
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