Earlier this year, the Regulated Liability Network (RLN) made a big splash in the United States with trials involving several banks, Mastercard and the New York Federal Reserve. Now the UK Regulated Liability Network plans to experiment with a retail digital pound backed by commercial bank money or tokenized deposits. The RLN is a blockchain network for interbank payments and other digital assets.
This is not the first piece of UK Regulated Liability Network work. Last year, EY coordinated another UK proof of concept for cross border payments. Like this one, it was a relatively low key affair in terms of publicity.
However, we can confirm participants include the UK’s three largest banks, HSBC, Barclays and Lloyds. They were joined by Santander UK and Visa, with EY running the project on behalf of industry body UK Finance. Together, they published a paper today without mentioning the bank participants.
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