Innovations in payment technologies and the emergence of digital currencies

Robleh Ali (), John Barrdear, Roger Clews () and James Southgate ()
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Robleh Ali: Bank of England
Roger Clews: Bank of England
James Southgate: Bank of England

Bank of England Quarterly Bulletin, 2014, vol. 54, issue 3, 262-275

Abstract: Modern electronic payment systems rely on trusted, central third parties to process payments securely. Recent developments have seen the creation of digital currencies like Bitcoin, which combine new currencies with decentralised payment systems. Although the monetary aspects of digital currencies have attracted considerable attention, the distributed ledger underlying their payment systems is a significant innovation. As with money held as bank deposits, most financial assets today exist as purely digital records. This opens up the possibility for distributed ledgers to transform the financial system more generally.

Date: 2014
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