UK Based Blockchain Company Proposes CBDC Operating System To Bank of England

As the financial bearings of the COVID-19 drive deliberations around CBDCs, a U.K. based blockchain firm has propounded a Central Bank Digital Currency system to the Bank of England.

L3COS, a blockchain company based out of U.K., has submitted a pitch to the Bank of England, for a blockchain-based operating system to power a Central Bank Digital Currency.

L3COS described the suggestion as a reply to the consultation document on Central Bank Digital Currency published by Bank of England in the month of March. It recognized numerous advantages and obstacles linked with CBDC and requested advice from technology establishments, academics, and monetary organizations.

In a recent article published by U.K.-based outlet Verdict, Zurab Ashvil, the founder and CEO of L3COS announced that the company’s platform can enable the formation of a CBDC for domestic as well as commercial payments.

Asheville declared that a Central Bank Digital Currency would render scam, money laundering or other dubious activities in financing unfeasible.

Ashvil further said,

“Commercial banks and other financial institutions will benefit from the Real-Time Gross Settlement System, or RTGS, that is built into the L3COS ecosystem.”