According to The Telegraph, the Bank of England may approve the creation of a state-sponsored cryptocurrency within this year. In the last year, the bank announced it had commissioned a theoretical currency, RS Coin, which could be used by central banks to settle payments. Now, England’s central bank is upping the ante, looking to make its theoretical concept into a viable reality.

Before Christmas, Dr Mark Carney, Governor of the Bank of England, made the case for a central bank-backed cryptocurrency to England’s Treasury Select Committee. He stated:

“The underlying technology is actually of a fair bit of interest. We are working with it at the Bank of England. I have participated in discussions with the major central banks on this issue.”