The Bank of England will redesign the payment network RTGS to be compatible with the central bank’s digital currency

According to Coindesk, the Bank of England (the Bank of England) will redesign its real-time settlement service system (RTGS) to ensure it is compatible with central bank digital currencies (CBDC) (such as the digital pound). The new RTGS system is expected to be put into use in 2022 . RTGS is a key part of the UK’s financial infrastructure. This is where various financial institutions in the UK hold sterling accounts and an important channel for the Bank of England to inject liquidity into the domestic economic system.