Will Banks Embrace Blockchain Tech?
Banks and cryptocurrencies have been at odds for years. It wasn't until China's reversed their stance on blockchain technology and talks about a digital Chinese Yuan that some began taking the technology seriously. Now many central banks are rushing to compete with China's central bank, the PBoC and their digital yuan.
Central Banks & Blockchain
One American company called L3COS plans on helping them. L3COS have submitted an offer to six of the world's largest central banks to develop the first regulated digital currency operating system. The submissions are following requests for proposals by these central banks. This includes the Bank of France, Bank of South Korea, and the European Central Bank to name a few.
An additional submission to the Bank of England has been processed earlier in June.
L3COS have developed a triple layer consensus technology and a blockchain that offers is identifiable. With their technology, central banks can govern their digital economies in a regulated and transparent manner.
Zurab Ashvil, CEO & Founder of L3COS said "We believe that L3COS's unique triple-layer consensus technology is potentially transformative for digitalised economies, empowering governments for the first time to regulate digital economies while providing security and legitimacy to transactions."
It seems that many central banks cannot ignore blockchain technology anymore. While they have done so for years, it seems that China has ignited interest in blockchain technology in the banking sector. Should the digital Yuan be successful, more interest from banks and nations might continue.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado