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Central banks look to the future of money with blockchain technology trial

Bitcoin-1

First, the Monetary Authority of Singapore – which organised the event attended by 11,000 delegates from 50 countries – said it would trial its own digital currency for interbank payments using blockchain technology.

Second, consulting firm PwC unveiled a new platform, called Vulcan Digital Asset Services, to provide banks and governments with confidence to explore cryptocurrencies after they were sent scurrying from bitcoin when it became apparent it was funding part of the black economy. Vulcan has been built by PwC’s Australian office with input from three start-ups; the digital identity provider Netki, information services company Libra, and blockchain infrastructure provider Bloq – whose co-founder Jeff Garzik was one of the five developers of the core bitcoin blockchain. The platform is being piloted by an international bank and a central bank and is assessed another three multinational banks and an airline, which could use it to manage frequent flyer points.

For more on this story visit the following link: Central banks look to the future of money with blockchain technology trial

Source: International Fintech

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