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The Regulated Liability Network (RLN) is positioned as a financial market infrastructure (FMI), operating a shared ledger with central bank money, commercial bank money and electronic money on the same network. It would have a number of partitions for each regulated entity to be able to record, transfer and settle their liabilities.
The purpose of the RLN is to create a new substrate for sovereign, regulated currencies that enables innovation around commercial bank money and is not just limited to central bank liabilities. Some of the core features of RLN would mean that it is ‘always on’, ‘programmable’ and can support ‘multi-asset’ settlement, thanks to the adoption of the distributed ledger technology (DLT). UK RLN Discovery Phase
Following the UK RLN pilot in 2022, UKF and a number of their members and interested parties (the RLN participants) came together with EY to continue to explore the RLN concept through a Discovery Phase. The goal was to investigate the optimum use case(s) for an RLN Proof of Concept (PoC) in the UK. The participants set out to answer key questions that could help inform their decision on whether to take part in an Experimentation Phase, which could comprise a design, build and execution of one or more PoCs.
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