Citibank is understood to be experimenting with digital currencies. It has already run tests in this regard and is planning to have its own digital currency, called CitiCoin. Acording to news reports, the bank has already built the digital currency on the lines of bitcoin and the blockchain. The reports quoted Kenneth Moore, head of Citigroup Innovations Lab as saying the bank has been running three separate systems within Citi now that actually deploy blockchain distributed ledger technologies. They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level to be clear. He also said the bank has an equivalent of bitcoin up and running, again within the labs. Moore also saw this as a way to move money from country to country and foresaw an internal “mining” network that allowed endpoints to generate the work necessary to maintain the ledger.
