Three Former Central Bankers Join Blockchain Payment Firm Fnality

WHY IT MATTERS

Central bankers are the people who oversee a country's money supply and banking system — think of them as the referees of the financial world. When former central bankers join a blockchain company, it is notable because these are individuals who deeply understand how traditional money moves between big banks. Fnality is trying to use blockchain — the same type of technology behind cryptocurrencies — to improve how banks send large sums of money to each other. This is like upgrading the behind-the-scenes plumbing of the financial system. The fact that experienced officials from institutions like the Bank of England are joining such a company suggests that some traditional finance leaders see potential in blockchain technology for institutional use, even if they may have been cautious about consumer-facing cryptocurrencies.