2018-7-24 13:28 |
The Bank of England is planning to modernize its Real-Time Gross Settlement system (RTGS) by 2020.
The Bank of England (BoE), the UK’s central bank, is exploring the opportunities standing behind blockchain technology and digital currencies.
Its aim is strengthening defenses against cyber-attacks and widening the number of businesses that can use the bank’s system.
In April of this year, the BoE announced its plans to make an upcoming version of the RTGS system compatible with the blockchain technology.
“Its Real-Time Gross Settlement (RTGS) system handles transactions worth around 500 billion pounds – equivalent to almost a third of Britain’s annual economic output.