UK Government-backed Millicent Labs Shows Full Reserve Digital Currency by Cointelegraph

UK government-backed Millicent Labs showcases full reserve digital currency

Millicent Labs, a distributed ledger-based financial technology company, announced on July 14 that it has completed a trial of a full-fledged Reserve Digital Currency (FRDC) in the UK. The experiment was a demonstration for Innovate UK, a branch of the UK government for research and innovation, which co-funded the company.

Millicent said in a statement that FRDC is a privately issued digital currency linked to fiat currency. They offer a range of fully insured FRDCs through cash deposits into a central bank account that is protected by a regulated third party.

  • China’s central bank will expand digital yuan implementation

Innovate UK’s demo was meant to highlight the ability of FRDCs to connect blockchain and traditional technology. Simulated cash flow from a large UK consumer bank, on-chain conversion and minting of GBP-linked FRDC tokens, usage scenarios including micropayments, QR code usage, and peer-to-peer payments. Payment was made through a mobile app, custodian wallet, and custodian wallet.

Read the full article on Cointelegraph

See also  The restrictions on travelers from the United Kingdom, Brazil and South Africa have been extended

Leave a Reply

Your email address will not be published.