Blockchain startup L3COS from the UK has reportedly proposed to the Bank of England (BoE) an operating system based on the blockchain, to run a CBDC. 

Specifically, L3COS reportedly revealed that the initiative is to answer the CBDC-focused consultation document rolled out by BoE in March this year – which listed out a number of advantages and hardships that come with CBDC, and welcomed responses from tech providers, financial entities, and academics.

Zurab Ashvil – founder and head of L3COS – reportedly disclosed that its platform has the power to support the issuance of a CBDC for household and business payments.

Asheville further discussed the good factors  an immutable and transparent digital ledger can contribute to the authority, also added that CBDC would reportedly make “fraud, money laundering or other black-market financing impossible.”

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

The current situation across the globe has reportedly resulted in further talks into the benefits of CBDC among regulators, with Ben Dyson – BoE cryptocurrencies team manager – reportedly proclaimed that this is  “the right time for us to be thinking about the future of money”. 

“The bigger role of governments and the close cooperation between them and the financial sector in combating the economic fallout will guide discussions about CBDC in the context of the role the financial sector has in serving society.”