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

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I just received this press release 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

  1. 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.
  2. You can watch the session live on the internet at www.parliamentlive.tv

 

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Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

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