The Bank of England is creating its own fintech center

The Bank of England will set up a fintech hub to find ways to harness the technology behind digital currencies, which will ultimately help strengthen the UK economy. This was stated by the bank's deputy head Dave Ramsden.

“We have created a new center in the bank to formulate our position in relation to financial instruments and consider ways to use new technologies in performing banking tasks. It's important to be open to innovation," Ramsden said at a theme conference in London.

The Bank of England center will be one of the members of a new task force announced by the British government that aims to maintain London's position as a global financial center despite Brexit.

In addition, Ramsden said the use of blockchain could help Britain improve its long-standing problem of weak productivity growth, as well as help the Bank of England improve its domestic infrastructure.

 “As a member Monetary Policy Committee, I need to be open-minded about how fintech can impact the UK economy. The country has experienced low productivity over the past 10 years. Given the size of the financial sector in the UK, I see new technologies driving competition and improving productivity,” said the bank's deputy governor.

Earlier this month, Bank of England Governor Mark Carney said cryptocurrency had failed as a means of payment, but the distributed ledger technology behind it could improve the financial system in the future.

According to https://uk.reuters.com