The Bank of England (BoE) has revamped the payment system that would support blockchain technology. The governor mentioned to re-structure the RTGS system. Recently, the bank revealed the results of its proof-of-concept conducted with Baton Systems, Clearmatics, R3, and Token. The bank stressed that the functionality of the new RTGS supporting blockchain and DLT.
The financial institutions in the Philippines are eyeing on blockchain for enhancing money transfer services. The governor of the country’s central bank, Nestor Espenilla Jr emphasized on the integration of distributed ledger technology (DLT) or blockchain for wire transfers and traditional banking services at the annual convention of the Philippine Correspondent Bank Officers.
Fujitsu has recently announced to offer a five-day blockchain productization program that will be held in Europe, the Middle East, India, and Africa. The five-day program would be encouraging companies to build their ‘a minimum viable blockchain or distributed ledger technology (DLT) product.’ The Blockchain Innovation Center head mentioned, “Blockchain and DLT hold the potential to transform organizations and entire industries.”
The European Banking Authority (EBA) has explored and exposed a report on the scope and risks associated with the use of distributed ledger technology (DLT) in financial institutions. The report quoted, “DLT enables a common and almost real-time view of a trade transaction stored in a shared ledger for all participants involved.”
A decree has been signed by the President of Uzbekistan, Shavkat Mirziyoyev regarding the establishment of digital economy with blockchain technology and cryptocurrency market. Uzbekistan is not the only country that shows its interest in developing a healthy development of cryptocurrency in the country as Kazakhstan have hinted that they might issue their own cryptocurrency and show its interest in the blockchain.
The Bank of International Settlements (BIS) published a document titled “Cryptocurrencies: looking beyond the hype.” The bank emphasized the use of blockchain to process the volume of retail payments on a daily basis could pause the internet. The bank seems to be harsh on cryptos and positive towards DLTs stating “the underlying technology may have promise in other fields.”