• Market Cap: $1,197,311,514,638.40
  • 24h Vol: $21,346,595,503.99
  • BTC Dominance: 44.09%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

UK’s government-backed Millicent Labs demos a retail full-reserve digital currency

Jon Hartney by Jon Hartney
July 14, 2022
in Bitcoin, Blockchain, Business, Market
0
UK’s government-backed Millicent Labs demos a retail full-reserve digital currency
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The issuer says the currency avoids pitfalls of central bank digital currency and stablecoins while bridging blockchain and traditional financial technology.

A sandbox test of a retail full-reserve digital currency (FRDC) has been completed in the United Kingdom, distributed ledger fintech company Millicent Labs announced on Thursday. The test was a demonstration for Innovate UK, a branch of the government’s U.K. Research and Innovation, which co-funded the company. 

An FRDC is a privately issued digital currency pegged to a fiat currency, Millicent said in a statement. It is introducing a suite of FRDCs that are fully collateralized by cash deposits in a central bank account safeguarded by a regulated third party.

Related articles

Three Reasons Behind Bitcoin’s 2023 Resurgence

Three Reasons Behind Bitcoin’s 2023 Resurgence

June 4, 2023
5 free ChatGPT and generative AI courses

5 free ChatGPT and generative AI courses

June 4, 2023

The demonstration for Innovate UK was intended to highlight the FRDC’s ability to bridge blockchain and traditional technology. It simulated fiat on-ramping from a large U.K. consumer bank, on-chain conversion and minting of FRDC tokens pegged to the British pound sterling, and use case scenarios including micropayments, use of a QR code and peer-to-peer payments. Payments were made by mobile app, custodial wallet and non-custodial wallet.

Millicent CEO Stella Dyer said, “We are extremely proud to have presented this world-first solution to Innovate UK — especially during such a turbulent time for the crypto markets.”

Related: Tether to launch GBPT stablecoin pegged to British pound sterling

Millicent noted on its website that its currency is synthetic central bank digital currency (sCBDC), a form of CBDC that overcomes the tendency of CBDCs to be “overly-focused on domestic policy—a strategy that risks simply replacing today’s siloed, closed-loop financial systems with new ‘digital islands.’”

The company also emphasized that, unlike most stablecoins, its FRDC is fully backed by liquid assets, while many stablecoins are backed only by fractionally liquid assets. For example, Tether revealed in May that commercial paper made up 65.39% of its reserves, although it later stated its intentions to remove commercial paper from the composition of its reserves completely. Circle announced plans to become a “full-reserve national commercial bank” centered around its USD Coin (USDC) stablecoin in August 2021.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Three Reasons Behind Bitcoin’s 2023 Resurgence

Three Reasons Behind Bitcoin’s 2023 Resurgence

by Jon Hartney
June 4, 2023
0

After the naysayers left Bitcoin for dead in 2022, it’s back with a bang so far in 2023 Here’s

5 free ChatGPT and generative AI courses

5 free ChatGPT and generative AI courses

by Jon Hartney
June 4, 2023
0

Level up your skills in language models and automation with free ChatGPT and generative AI courses

Pro-XRP attorney’s phone hacked to promote LAW token

Pro-XRP attorney’s phone hacked to promote LAW token

by Jon Hartney
June 4, 2023
0

Lawyer John Deaton alerted followers via his daughter’s account, urging people to report the hack as the XRP

FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

by Jon Hartney
June 4, 2023
0

The FTX debtors alleged that the claim was filed "without any advance notice," and they were not invited to participate

Elliptic integrates ChatGPT to bolster crypto risk detection

Elliptic integrates ChatGPT to bolster crypto risk detection

by Jon Hartney
June 4, 2023
0

Crypto risk management firm Elliptic believes that ChatGPT will assist in exposing crypto risks to users that "they

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
Three Reasons Behind Bitcoin’s 2023 Resurgence

Three Reasons Behind Bitcoin’s 2023 Resurgence

June 4, 2023
5 free ChatGPT and generative AI courses

5 free ChatGPT and generative AI courses

June 4, 2023
Pro-XRP attorney’s phone hacked to promote LAW token

Pro-XRP attorney’s phone hacked to promote LAW token

June 4, 2023
FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’

June 4, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Three Reasons Behind Bitcoin’s 2023 Resurgence June 4, 2023
  • 5 free ChatGPT and generative AI courses June 4, 2023
  • Pro-XRP attorney’s phone hacked to promote LAW token June 4, 2023
  • FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’ June 4, 2023
  • Elliptic integrates ChatGPT to bolster crypto risk detection June 4, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$27,221.000.19%
  • ethereumEthereum(ETH)$1,904.500.04%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.00%
  • binancecoinBNB(BNB)$307.11-0.09%
  • usd-coinUSD Coin(USDC)$1.000.01%
  • rippleXRP(XRP)$0.530.94%
  • staked-etherLido Staked Ether(STETH)$1,903.730.02%
  • cardanoCardano(ADA)$0.3811141.31%
  • dogecoinDogecoin(DOGE)$0.0728300.29%
  • solanaSolana(SOL)$21.782.90%
  • matic-networkPolygon(MATIC)$0.90-0.11%
  • tronTRON(TRX)$0.081765-3.28%
  • litecoinLitecoin(LTC)$96.22-0.61%
  • polkadotPolkadot(DOT)$5.361.29%
  • binance-usdBinance USD(BUSD)$1.000.00%
  • shiba-inuShiba Inu(SHIB)$0.0000090.04%
  • avalanche-2Avalanche(AVAX)$14.751.51%
  • daiDai(DAI)$1.000.04%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,236.000.12%
  • uniswapUniswap(UNI)$5.110.54%
  • leo-tokenLEO Token(LEO)$3.600.11%
  • chainlinkChainlink(LINK)$6.511.17%
  • cosmosCosmos Hub(ATOM)$10.831.79%
  • okbOKB(OKB)$46.07-0.06%
  • moneroMonero(XMR)$150.092.21%
  • ethereum-classicEthereum Classic(ETC)$18.22-0.01%
  • ToncoinToncoin(TON)$1.74-0.69%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • stellarStellar(XLM)$0.092398-0.51%
  • bitcoin-cashBitcoin Cash(BCH)$116.491.37%
  • internet-computerInternet Computer(ICP)$4.840.49%
  • filecoinFilecoin(FIL)$4.86-0.84%
  • true-usdTrueUSD(TUSD)$1.00-0.06%
  • lido-daoLido DAO(LDO)$2.31-0.85%
  • AptosAptos(APT)$9.161.27%
  • quant-networkQuant(QNT)$117.371.04%
  • crypto-com-chainCronos(CRO)$0.0616003.36%
  • hedera-hashgraphHedera(HBAR)$0.050820-0.17%
  • ArbitrumArbitrum(ARB)$1.23-0.81%
  • nearNEAR Protocol(NEAR)$1.640.78%
  • vechainVeChain(VET)$0.020061-0.09%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • apecoinApeCoin(APE)$3.160.92%
  • the-graphThe Graph(GRT)$0.128578-0.41%
  • algorandAlgorand(ALGO)$0.1528130.09%
  • the-sandboxThe Sandbox(SAND)$0.581.06%
  • eosEOS(EOS)$0.920.41%
  • paxos-standardPax Dollar(USDP)$1.000.01%
  • fraxFrax(FRAX)$1.000.23%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • render-tokenRender(RNDR)$2.725.44%
  • elrond-erd-2MultiversX(EGLD)$38.923.38%
  • optimismOptimism(OP)$1.511.03%
  • rocket-poolRocket Pool(RPL)$49.931.37%
  • aaveAave(AAVE)$64.410.86%
  • decentralandDecentraland(MANA)$0.4944411.47%
  • fantomFantom(FTM)$0.320831-0.65%
  • tezosTezos(XTZ)$0.931.78%
  • blockstackStacks(STX)$0.620.87%
  • theta-tokenTheta Network(THETA)$0.851.19%
  • Rocket Pool ETHRocket Pool ETH(RETH)$2,045.630.02%
  • immutable-xImmutableX(IMX)$0.834.87%
  • axie-infinityAxie Infinity(AXS)$7.200.64%
  • flowFlow(FLOW)$0.730.13%
  • havvenSynthetix Network(SNX)$2.370.55%
  • usddUSDD(USDD)$1.00-0.04%
  • neoNEO(NEO)$10.48-1.11%
  • kucoin-sharesKuCoin(KCS)$7.460.25%
  • BitDAOBitDAO(BIT)$0.494502-0.78%
  • galaGALA(GALA)$0.029973-1.85%
  • curve-dao-tokenCurve DAO(CRV)$0.860.48%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.90-0.10%
  • radixRadix(XRD)$0.067433-0.24%
  • Bitget TokenBitget Token(BGB)$0.4706110.79%
  • bitcoin-cash-svBitcoin SV(BSV)$32.960.81%
  • injective-protocolInjective(INJ)$7.911.02%
  • makerMaker(MKR)$695.283.23%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • gatechain-tokenGate(GT)$4.40-0.60%
  • klay-tokenKlaytn(KLAY)$0.1865440.08%
  • conflux-tokenConflux(CFX)$0.272161-3.40%
  • gemini-dollarGemini Dollar(GUSD)$1.000.14%
  • iotaIOTA(MIOTA)$0.2048312.56%
  • bittorrentBitTorrent(BTT)$0.000001-0.04%
  • kavaKava(KAVA)$1.021.05%
  • chilizChiliz(CHZ)$0.1032272.08%
  • terra-lunaTerra Luna Classic(LUNC)$0.0000939.10%
  • PepePepe(PEPE)$0.000001-3.06%
  • casper-networkCasper Network(CSPR)$0.0474311.66%
  • Tokenize XchangeTokenize Xchange(TKX)$6.450.08%
  • pax-goldPAX Gold(PAXG)$1,949.26-0.14%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • SuiSui(SUI)$0.962.07%
  • mina-protocolMina Protocol(MINA)$0.551.29%
  • compound-ethercETH(CETH)$38.260.01%
  • dashDash(DASH)$43.450.62%
  • gmxGMX(GMX)$55.76-0.84%
  • ecasheCash(XEC)$0.0000251.50%
  • xdce-crowd-saleXDC Network(XDC)$0.035196-2.38%