The UK Central Bank is updating the RTGS payment and settlement system so that in the future, it can support the operation of the state cryptocurrency if it is issued.
The Bank of England wants the updated Real-Time Gross Settlement System (RTGS), a payment network used by UK financial institutions, to be directly compatible with the government cryptocurrency.
The new settlement system is designed so that the Central Bank can use the mechanism for transactions with digital currencies. Modules for other possibilities, including the digital pound, are also considered as components of the future settlement system.
RTGS is a key element in the UK financial infrastructure. In this system, institutions have their accounts in pounds sterling and act as the main channel through which the Bank of England can inject liquidity into the economy. On average, the RTGS makes over £685 billion worth of transactions every day.
On Thursday, the Bank of England announced that it has entered into a £150 million contract with Irish consulting firm Accenture to upgrade its payment network. According to Accenture, the new RTGS network is adapting to the changing financial system, providing access to more firms, as well as increased compatibility and functionality.
The new system is expected to be operational in 2022. Earlier this month, Andrew Bailey, Governor of the Bank of England, said that the regulator assesses the pros and cons of issuing state cryptographic currency. Also, the Central Bank said that the principles of designing state cryptocurrency are more important than basic technology. Private cryptocurrencies can be useful in the future.
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Over the past day, the price of bitcoin dropped to the support level of $10,800. Then it rose to the resistance level of $11,200. Now, the price of bitcoin is $11,160. In the future, we predict the continuation of the decline in the price of bitcoin. The nearest resistance levels are $11,400, $12,230, $13,000. The nearest support levels are $11,000, $10,500, $10,340, $10,250, $10,000, $9,850, $9,600, $9,500, $9,400, $9,300, $9,200, $9,000, $8,600.
Technical analysis of Ethereum (ETH):
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Technical analysis of Ripple (XRP):
Over the past day, the price of ripple dropped to the support level of $0.2390. Then it rose to the resistance level of $0.25. Now, the price of ripple is $0.2460. In the future, we predict an increase. The nearest resistance levels are $0.25, $0.27, $0.30. The nearest support levels are $0.2440, $0.235, $0.23, $0.2250, $0.22, $0.2150, $0.21, $0.2060, $0.2020, $0.20, $0.1950.
