It is no secret that the commitment around cryptocurrency has been twofold, and this has been the case ever since bitcoin was first introduced to most people. One part has been very positive, while the skepticism has been great among others.
Because of this, it has long looked bleak for the development of cryptocurrency. But now it seems that things are starting to solve a bit, among other things through the Bank of England (England’s central bank) has developed its own cryptocurrency.
In this article, we will take a closer look at the cryptocurrency of the Bank of England, which has been named RSCoin .
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What is RSCoin?
RSCoin is the name of the central bank in England’s own cryptocurrency. They collaborated with a group of researchers who began work on developing what would become the Bank of England’s own cryptocurrency.
The Bank of England is also involved in another collaboration consisting of 80 financial institutions worldwide. In this collaboration, we also find a number of Norwegian banks, such as Nordea and Santander Consumer Bank .
RSCoin versus cryptocurrency
Despite the fact that RSCoin is referred to as the Bank of England’s own cryptocurrency, it is important to emphasize what distinguishes RSCoin from the other cryptocurrencies.
There are many examples of cryptocurrencies. Some of the best known and most popular are bitcoin and ether ( ethereum ). But the common denominator of these is that both bitcoin and ether are decentralized . This means that the transactions are not regulated by a bank in the same way as Norwegian kroner, euros and US dollars do.
But it is this element that separates RSCoin from bitcoin and ether. Since RSCoin was developed on behalf of the Bank of England, it goes without saying that they have a hand in the game when it comes to further use as well. Here we aim, among other things, for the Bank of England to guarantee the value of RSCoin.
This is not the case with any of the other cryptocurrencies, and it is one of the main differences between RSCoin and cryptocurrencies such as bitcoin and ether (ethereum).
Cryptocurrency – more and more accepted
Last fall, it became known that El Salvador had approved bitcoin as the official means of payment . In other words, in this city, residents can pay for a bottle of water or get the weekly trade done with bitcoin.
There were a number of countries that reacted strongly and tried to demand that El Salvador withdraw the approval, but it is quite clear that this will not happen. The authorities in El Salvador do not want to be pressured to reverse a decision they thought was good.
With that said, the Bank of England’s development of RSCoin is also a sign that cryptocurrency is becoming more and more accepted.
An exciting development
It will probably take time before cryptocurrency is equated with traditional payment methods – if it ever happens . But there is no doubt that we are facing an exciting development!