London Stock Exchange Executive Touts Sovereign Digital Currencies

Blockchain, Investing, News, Regulation | November 1, 2017 By:

David Harris, head of commercial innovation at the London Stock Exchange Group (LSEG), claimed that fiat currency is holding back cryptocurrency’s ascension. His solution?  Have central banks create their own digital currency.

Keynoting the third London Blockchain Summit today, Harris claimed he looks forward to the day when giant sovereign banks issue their own form of digital currency. He claimed his outlook stems from problems associated with prior a blockchain test, the Borsa Italiana project, which attempted to issue securities via blockchain.

The London Stock Exchange encountered severe problems in negotiating the test project, mostly related to paying for securities with cash.

“Eventually, and hopefully, central banks will issue their currency in a digital form on a blockchain, because then that will facilitate collateral movement,” Harris said to an audience of global bankers. “You’re not going to wake up one day and suddenly have a crypto-dollar facilitating collateral movements. The policy decisions you have to make from here to there are huge.”