Bank of England officials: central bank digital money needs “extraordinary” flexibility

nnnIn addition, the technical support is limited to the chain of chains, and the Bank of England’s digital money research team manager simply explores some of the technical requirements of the central bank’s digital currency design in the blog. Although the proposed digital currency may become one of the important national infrastructure, but also to its flexibility to higher requirements, in addition to some basic transaction speed and privacy issues. And the current central bank settlement system technology upgrades, there is no bottom of the technical support to do a thorough adjustment, but the block chain as a supplement.n
nnTranslation: Annie_Xun
nRegardless of whether the central bank issues digital money to run on the chain, the Bank of England researcher explores some of the relevant design requirements.n
nBank Score “Bank Underground” does not involve legal and economic factors (other members of the Bank of England have mentioned). He chose to focus on the technical aspects, and the system will bring the demand point.n
nn”As with existing financial infrastructures, the widely used central bank’s digital currency may be seen as an important national infrastructure, which requires the ability to run in a number of countries around the clock and therefore requires extraordinary flexibility.”n
nnWhat’s important is that Scorer ignores the problem of using block chains, but in-depth analysis of design elements. In fact, he suggested that in addition to distributed books technology system, while focusing on different types of technology systems.n
nScorer said the central bank’s digital currency needs to cope with the flexibility of different problems and can continue to run.n
nn”99.999% of the minimum operational availability equals that one year is about five minutes off for the core settlement engine may be unreasonable.”n
nnIn addition to flexibility, this new system will require network attack protection, enough to deal with a large number of transactions immediately, or near real-time processing of transactions, privacy protection.n
nBeginning in 2015, the Bank of England has been focusing on the potential of block chain technology, including to support the central bank’s digital currency. In September the Bank of England chief economist said the block chain could be used to support the digital money system.n
nA series of developments that have been carried out has included plans for the central bank to use block-chain technology to develop next-generation real-time netting (RTGS) systems. Ultimately, the central bank chooses to implement the system compatible with distributed books, rather than on the basis of the technology.n

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