Bank of England’s Digital Currency

Note from the CEO: FintekNews ran a story yesterday that Russia found it could not block digital currencies and that Singapore was getting ready to put regulations in place to allow their central bank to have a cryptocurrency. We also ran another piece about Bank of Canada addressing digital currencies.  So today we’ve learned that the Bank of England is creating a digital currency (RSCoin) which is kind of like bitcoin. Exciting. By the way, if you want to get rid of that useless paper cash, we at FintekNews will take it.

“Moving further to the Blockchain Week, this is the time to discuss some practical and recent scenarios, happening in the world, and are based on the utilization of technology. In my previous articles, I mentioned that we shouldn’t be surprised to see various institutions, especially the ones in financial sector, using the concepts in their applications and processes. This article talks about one such case. The new cryptocurrency is being developed by the Bank of England. The central bank has recently announced its plans to come up with its own Bitcoin-like cryptocurrency called RSCoin. It is being said that it would function on the same blockchain ledger technology that runs Bitcoin.”

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