BoE and PBOC Consider Blockchain Technology

According to a recent New York Times article, both the Bank of England (BoE) and People’s Bank of China (PBOC) have discussed issuing their national currencies onto some sort of blockchain, making their financial system’s more transparent, fast, efficient and secure. A recent BoE research paper suggests that the economic benefits of issuing a digital currency on a blockchain could add as much as 3 percent to a country’s economic output.

Additionally, a deputy governor at the PBOC, Fan Yifei, wrote for Bloomberg View, “the conditions are ripe for digital currencies, which can reduce operating costs, increase efficiency and enable a wide range of new applications.”

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