Royal Bank of Scotland (RBS) is experimenting with its own in-house cryptocurrency, says the bank's technology chief.
RBS is a subsidiary of the Royal Bank of Scotland Group, which also includes NatWest and large Irish commercial bank Ulster Bank.
Neil Bellamy, head of technology, media and telecoms, told The Memo that RBS had created, traded and settled its currency between the group's banks.
Commenting on the potential of blockchain technology, Bellamy added:
In the report, Bellamy also said that a cryptocurrency company had used one of RBS' technology solution centres – utilized by businesses to test the viability of their products in a life-like environment – to test their bitcoin distributed ledger technology.
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