Bank for International Settlements urges central banks to pay attention to blockchain
The Bank for International Settlements (BIS) published a report in which it said that distributed ledger technology (DLT) could replace the outdated payment systems of central banks. Writes about this CoinDesk.
The BIS, which is essentially a bank for central banks, in its report considered the possibilities of using cryptocurrencies and blockchain in the context of central banks.
While central bank cryptocurrencies are still largely a theory, the distributed ledger is recognized as a mechanism to improve the efficiency of central banks. Digital currencies issued by central banks can be especially useful for countries like Sweden, where the government intends to reduce the amount of cash in circulation, the authors of the report write..
Perhaps most interesting is the BIS statement that central banks should consider using a distributed ledger to update existing payment systems..
“One of the reasons a distributed ledger deserves attention is the fact that the payment systems of many central banks are in the final stages of their technological life cycle. They are either written in outdated languages, or use such databases that no longer fit their purpose and are expensive to maintain. “.
Note that the document was published against the backdrop of growing interest in distributed ledger technology and cryptocurrencies from central banks in many countries of the world. The Bank of Canada, the Monetary Authority of Singapore, the Bank of England and the Central Bank of Brazil are experimenting with a real-time payment system (RTGS) using blockchain platforms, and other central banks are closely monitoring their progress..
In addition, the Reserve Bank of India said last week that it is considering creating a “fiat cryptocurrency” that could replace the rupee.
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