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(PYMNTS) England’s central bank is taking a significant step in support of blockchain technology with a decision to open its real-time gross settlement (RTGS) system to distributed ledger networks.

In plans revealed last week during a speech by Bank of England (BofE) Governor Mark Carney, the BofE will rebuild the RTGS system to be able to interface with other platforms created on blockchain technology.

“RTGS is being rebuilt so that new private payment systems, including those using distributed ledger, can simply plug into our system,” Carney said. “Our new, hard infrastructure will be future-proofed to your imaginations, opening up a range of potential innovations in wholesale markets and corporate banking and retail services.”