Banking Fintech Payments

House of Lords to ask the Bank of England: “Is it time for BritCoin?”

House of Lords to ask the Bank of England: “Is it time for BritCoin?” Photo: e X p o s e, Shutterstock.com
Written by Chris Skinner

Chris Skinner shares information about an upcoming UK House of Lords debate about the possibility of central banks using digital currencies. Are you ready for BritCoin?

I received this press release last Friday and felt it worth sharing with y’all:

 The House of Lords Economic Affairs Committee will next week take evidence from the Deputy Governor of the Bank of England on blockchain technology, the distributed ledger that allows Bitcoin to function as an online currency.

The session comes as the Bank of England explores the possibility of central banks using digital currencies.

The Committee will also hear from academic experts and financial services professionals engaged in the developing technology.

The sessions will start at 3:00pm on Tuesday 19 July in Committee Room 1 of the House of Lords

The full witness details are:

3:00pm – Dr Ben Broadbent, Deputy Governor, Monetary Policy, Bank of England

3:45pm – Dr Catherine Mulligan, Associate Director, Imperial College Centre for Cryptocurrency Research

Professor Michael Mainelli, Emeritus Mercers’ School Memorial Professor of Commerce, Gresham College

Lord Spens – Transformation and Assurance Director, PWC

4:30pm – Blythe Masters – Chief Executive Officer, Digital Asset Holdings, LLC

Simon Taylor – Co-Founder / Director of Blockchain, 11:FS

In the session with Dr Ben Broadbent the Committee will explore the prospect of a central bank digital currency and the effect it could have on commercial banks, predictions that blockchain technology could produce annual savings of $16bn in administration costs for financial services firms and what risks the technology may pose to financial security.

In the second session questions will cover the industries most likely to be impacted by blockchain technology, its possible applications for Government services (such as tax collection and benefits payments) and concerns about security of the technology.

In the session with Blythe Masters and Simon Taylor areas covered will include the risks associated with transitioning from the current settlement system to a blockchain based system and further applications of the technology in financial services. 

Notes

The evidence session is open to the public. If you wish to attend, you should go to Parliament’s Cromwell Green Entrance and allow time for security screening. You can watch the session live on the internet.

READ NEXT: The case for bitcoin (or something like it)

– This article is reproduced with kind permission. Some minor changes have been made to reflect BankNXT style considerations. Read more here. Photo: e X p o s e, Shutterstock.com

About the author

Chris Skinner

Chris Skinner is an independent commentator on the financial markets through the Finanser, and chair of the European networking forum the Financial Services Club, which he founded in 2004. He is an author of numerous books covering everything from European regulations in banking through to the credit crisis, to the future of banking.

Leave a Comment