Please forward this error screen to sharedip-1071800229. I aim to explain them both in this post. In general they work well, so why bitcoin macroeconomics quiz earth would you want to decentralise them?
Why not leave them alone? Because things can, and do, go wrong. Centralised systems are also single points of control and potential failure. Pub quiz: What do the Reserve Bank of Zimbabwe and the Bank of England have in common? Both have both suffered RTGS failures in the past decade. More famously in October 2014, the Bank of England CHAPS system failed for a day causing slight chaos: people couldn’t buy houses, large invoices couldn’t be settled. We had always thought that if you wanted to cripple the U.
Banks would be forced to fall back on inefficient physical transfer of money. So you can understand why central banks are now exploring how banks might pay each other electronically and efficiently without there being a central risk or choke point. It’s potentially less risky, and if you’re not running the system, it’s definitely less embarrassing if things go wrong. Some projects have been described in public, some haven’t. DLT platforms being evaluated for this use case. Other central banks have also stated an interest in decentralised technology for their RTGS systems.