UK Central Bank Says New Payments System Will Be Blockchain Friendly

[micko09]

The Bank of England's updated payments system will be compatible with blockchain-based financial technology forms, Reuters reported Monday.

The announcement is the latest in the BoE's ongoing efforts to modernize its Real-Time Gross Settlement system (RTGS), which is essential for banking and trading in Britain and handles transactions worth around ‎£500 billion annually, or almost a third of the country's economic output. The upgraded system is expected to be launched in 2020, and will be designed to be resistant to cyber-attacks while also being available to a wider number of smaller businesses.

This would enable these businesses to use the system directly, rather than through a proxy of a large bank.

See more - https://www.coindesk.com/uk-central-bank-says-new-payments-system-will-be-blockchain-friendly/