BoE to Encourage Fintech and Blockchain Innovation

During a recent speech, Mark Carney, Governor of the Bank of England (“BoE”), announced the BoE’s “accelerator” plan to encourage financial technology innovation and build upon the blockchain concept. The BoE will be collaborating with companies that are designing innovative payment systems and cybersecurity, according to a recent article by The Guardian.

Carney explained that the BoE “is devoting considerable resources to ensure whatever develops is sustainable, not ephemeral,” and that it will “change the nature of money, shake the foundations of central banking and deliver nothing less than a democratic revolution for all who use financial services.”

The accelerator plan will work with new technology firms to help harness fintech innovations for central banking and, in turn, allow firms the chance to demonstrate their solutions for real issues facing policymakers, according to Carney. The governor also touched on blockchain technology, stating that, “The great promise of distributed ledgers for central banks is their potential to enhance resilience.”

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