The Bank of England is planning to rebuild its Real Time Gross Settlement (RTGS) system so that it can interface with private business and platforms using distributed ledger technology (DLT), the bank’s Governor Mark Carney announced in a speech June 21.
Speaking at Mansion House in London, Carney said that the bank will conduct an “ambitious rebuild” of its RTGS system, which is, according to him, the backbone of every payment in the U.K. RTGS is a system generally used to transfer large volumes of funds between banks.
The bank is looking to reorganize the existing RTGS so that private payment platforms could plug in directly to the bank’s system.
The Governor also mentioned that the bank has begun working together with the Bank of Canada, the Monetary Authority of Singapore, and some private-sector organizations to upgrade inter-bank cross-border payments, including initiatives based on DLT.
No party other than the regulator would be able to infer details about transactions they are not party to.
Earlier this week, the Bank of International Settlements (BIS) in Switzerland issued a new document as part of its annual economic report that warns citizens of the dangers of digital currencies.
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