The bankofengland is skeptical that distributed-ledger technology is fast enough to underpin a digital pound. jackschickler reports.
Distributed ledger technology is too clunky to be reliably used for a central bank digital currency, a senior Bank of England official told lawmakers Tuesday, pouring cold water on industry claims about the technology that underpins crypto.
But Cunliffe cast doubt on claims by lawmaker Anne Marie Morris that a CBDC – whether used as a substitute for retail cash or large-scale for transactions between financial institutions – could be based on the kind of innovations that underpin cryptocurrencies like bitcoin. “I'm not saying it can't,” he said. “But what a crypto firm or a new payment firm has demonstrated – a proof of concept – is a very different thing to scaling up to using economy-wide or cross-border.”
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