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Bank of England Opens Digital Pound Labs for Blockchain Payment Testing
The Bank of England has officially launched its “Digital Pound Labs” initiative, aimed at exploring the potential of blockchain-based payment testing. This move signals a significant shift towards investigating the feasibility and implications of issuing a central bank digital currency (CBDC).
While the concept of a digital pound remains in its exploratory phase, the BoE is actively seeking collaboration with stakeholders to address inefficiencies in current payment systems and evaluate the benefits of a CBDC. The newly established Digital Pound Labs aims to foster a seamless exchange between cash and deposits, ensuring the integrity and accessibility of financial transactions.
In a statement, the Bank of England emphasized its commitment to addressing real-world challenges and exploring the potential of blockchain technology in promoting faster and more secure payment processing.
Source: www.crypto-news-flash.com
