British Prime Minister Kiir Starmer has angered today as he revealed plans for the digital identifier in the United Kingdom, but are the main banks to take the British digital (GBP) as well?
The largest banks in Britain have launched live tests for digital versions “The Distinguished Code” One of the bank deposits designed for payments is faster and more controlled.
(Source – GBP Usd, Tradingview)
Six lenders, Barclays, HSBC, Lloyds Banking Group, NatWest, Nationwide, and Santander, Pilot Participation, coordinator By financing in the United Kingdom. The project started on September 26 and will continue until mid -2016.
The tests focus on three cases of use: market payments, settlement reassurance, and settle digital assets.
According to UK financing, the goal is to reduce fraud, accelerate settlement, and give customers more control over how money moves.
This represents one of the most important steps so far in the UK batch towards programmable money. Instead of creating a new currency, distinctive deposits act as a digital representation of the money that was already held in banks.
They are expected to play a major role in the country’s broader digital financing strategy, sitting alongside the Bank of England’s work on digital funds and securities.
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Why does the Bank of England prefer the distinctive deposits over Stablecoins?
The British sterling pilot brings together the momentum with support from the best banks and the main industry partners.
The United Kingdom describes symbols as digital versions of commercial banks.
It carries the same protection as regular deposits but comes with a software addition, allowing payments to wear and design specific needs.
The pilot is supported by Quant on Technology and EY for consulting and bonds on legal work.
“This project is a strong example of industry cooperation to provide payments for the next generation,” said Jana McCainstosh, Managing Director of Payments and Innovation in the United Kingdom.
The Bank of England has also pushed banks towards this model, on the pretext that the distinctive deposits are safer than the STADLECOINS issued from the private sector because it maintains money within the organized banking system.
according to ReutersThe pilot will expand from the market payments to the settlement of digital reactivation and settlement. HSBC has indicated that the customer’s request is the strongest in the border payments, as distinctive deposits can reduce costs and settlement times.
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How does the responsibility network organizing the United Kingdom (RLN) forms the elbow facility?
Distinguished sterling deposits are not a digital currency of the Central Bank (CBDC) or private Stablecoins. These are the commercial bank obligations registered on the distributor’s book, designed to work with today’s payment systems and future distinctive markets.
The initiative depends on the experiences of the Organized Liability Network in the United Kingdom (RLN) and sits alongside the continuous work of the England Bank on digital funds and the digital sand box.
The pilot comes months after the new policy signals and financing to support infrastructure.
This week, Blockchain Fnalaty, a sterling technician payment system under the supervision of the Bank of England, content About 136 million dollars of banks and market participants to expand wholesale distinctive settlement bars in Britain and abroad.
Among the investors are Bank of America, City, and Wisdomtree.
Participation banks describe distinctive deposits as a promotion of current funds instead of replacement. “The promotion of banking deposits to a digital model will help ensure that the commercial banks’ funds are mainly for the economy,” said Ryan Hayyard, head of digital assets in Barclays.
HSBC called the distinguished deposits “an important development in digital money.”
The organizers emphasized that Stablecoins will not be completed until late 2026. But they encouraged banks to test the distinctive deposits under the current frameworks.
This approach, along with the direct pilots, indicates that the UK is setting symbolic banking funds as a bridge for a more programming financial system, which can coexist with any future digital pound.
The pilot works until mid -2016. The main indicators will be whether the depositable deposits reduce the fraud on the Internet, the shortcomings of the timelines for re -financing of the mortgage, and enable the immediate settlement of symbolic assets.
The markets will also see more updates from BOE on the digital pound and FCA in the final Stablecoin Bases Bases.
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First digital identifier: Will the British pound become digital? The distinctive symbol of sterling was explained for the first time on 99bitcoins.