The Bank of England is working with researchers to design a Bitcoin clone of its own in the hopes of making retail payments more efficient and the financial system as a whole more resilient. Referring to transparency of funds, Meiklejohn explained that an RSCoin ledger could be published publicly by a central bank. RScoin utilises the Blockchain to handle transactions, much like Bitcoin, however unlike Bitcoin it would be centrally controlled by the bank itself, which would retain an encryption key that could be used to control the supply of the digital currency available. In addition to being able to process transactions faster than traditional payment processors, this new technology will also allow for greater security against fraud and other forms of cybercrime. The Bank of England is also interested in how the system could help banks and other financial institutions move conventional assets around and how it might automate certain transactions such as futures contracts.
The Bank of England is working with researchers to design a Bitcoin clone of its own in the hopes of making retail payments more efficient and the financial system as a whole more resilient. RScoin utilises the Blockchain to handle transactions, much like Bitcoin, however unlike Bitcoin it would be centrally controlled by the bank itself, which would retain an encryption key that could be used to control the supply of the digital currency available. In addition to being able to process transactions faster than traditional payment processors, this new technology will also allow for greater security against fraud and other forms of cybercrime. The Bank of England is also interested in how the system could help banks and other financial institutions move conventional assets around and how it might automate certain transactions such as futures contracts.