One of the perceptions of Bitcoin (which I wrote about previously) found by researchers is that potential users do not feel comfortable that there is no central authority controlling the currency. Not surprising, given this rather ironic perception, potential users generally did not understand how Bitcoin works and as there was no central authority overseeing it they felt to scared to use it.
Interesting then that the Bank of England is working with researchers at University College London, to define a centralised form of cryptocurrency: given these perception it is what some potential users might see as the best of both worlds.
The new cryptocurrency was first documented in a paper presented last month. It has been dubbed RSCoin. And its not just theoretical as code for an implementation of the cryptocurrency proposed in the paper was also released. There is considerable transparency in how this will work, which will hopefully reassure those that find central bank involvement unwelcome.
