The Bank of England is working with researchers to design a Blockchain 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 Bitcoin 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. She added that the system’s design would also allow a central bank to make transactions entirely, or partially, anonymous. The processing of all The Bank of England transactions would be done by "select second parties", presumably large commercial banks, and would allow the RScoin system to handle a high amount of transactions per second . RScoin 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 Blockchain 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 Bitcoin 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. The processing of all The Bank of England transactions would be done by "select second parties", presumably large commercial banks, and would allow the RScoin system to handle a high amount of transactions per second . RScoin 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.