Bank of England confirms plans to create national digital currency

CONTENT

  • The Bank of England recognizes the potential impact of digital currency on society and the payment system.

  • The first British “cryptocurrency” may appear in a few years.

  • Other central banks are already actively testing the national digital currency.

International consortium of news organizations developing transparency standards.

The Bank of England confirmed close attention to the possibility of creating a national digital currency with corresponding success in other countries.

The UK central bank is exploring the creation of a central bank digital currency (CBDC) Paper notes and coins may be a thing of the past due to a new financial instrument, central bank digital currency (CBDC). As … More).

Bloomberg reports, referring to the statement of the Governor of the Bank of England Andrew Bailey.

During a webinar with students, the Governor of the Bank of England said that the financial institution is indeed studying the issue of starting the development of CBDC, since digital currency can have a large impact on society..

“We are studying the issue of the need to issue digital currency from the Bank of England. We will continue to explore the issue as this [CBDC] is of great importance to both the nature of remittances and to society, ”Bailey said..

Conjuncture

Bailey did not name the exact timing of the appearance of the national digital currency, but noted that in a few years the bank will begin to move towards the development of CBDC.

Also, the chairman of the Bank of England added that several central banks around the world are engaged in studying the issue of developing CBDCs..

Join our telegram channel to keep abreast of the main trends in the crypto market.

Earlier, the imminent appearance of CBDC was announced in the large German financial conglomerate Deutsche Bank.

The bank believes the COVID-19 coronavirus pandemic is accelerating the development of CBDC, as the use of fiat currencies poses a greater threat of spreading the infection to the whole society.

Anti-cryptocurrency position

However, plans to create a CBDC do not in any way affect the skepticism of the Bank of England regarding bitcoin. In particular, Bailey said earlier that if potential investors want to lose their funds, then they can safely invest in bitcoin..

“There is no guarantee of the value of bitcoin. I have spoken about this publicly because we are concerned. If you want to buy bitcoins, be prepared to lose all your money. If you want to buy them [bitcoins], fine, but understand that what you have has no intrinsic value, “Bailey said..

In addition, the Chairman of the Bank of England noted that at the moment bitcoin does not have any basic value, but is supported exclusively by speculation..

The Bank of England’s attention to digital currencies has been riveted since the beginning of the year.

In February, the bank’s chief teller Sarah John said that the attention of central banks on private digital currencies is “extremely important” as private sector companies already have every chance of bypassing some regulators by issuing their own cryptocurrencies..

What do you think? How soon will the UK have its own “cryptocurrency”? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

The Bank of England confirmed close attention to the possibility of creating a national digital currency with corresponding success in other countries.

The UK central bank is exploring the creation of a central bank digital currency (CBDC) Notes and coins may be a thing of the past due to a new financial instrument, central bank digital currency (CBDC). As … More).

Bloomberg reports, referring to the statement of the Governor of the Bank of England Andrew Bailey.

During a webinar with students, the Governor of the Bank of England said that the financial institution is indeed studying the issue of starting the development of CBDC, since digital currency can have a large impact on society..

Digital currencies: how do they work and what makes them different? – Quarterly Bulletin article

Bank of England confirms plans to create national digital currency

“We are studying the issue of the need to issue digital currency from the Bank of England. We will continue to explore the issue as this [CBDC] is of immense importance both to the nature of remittances and to society, ”Bailey said..

Conjuncture

Bailey did not name the exact timing of the appearance of the national digital currency, however, he noted that in a few years the bank will begin to move towards the development of CBDC.

Also, the chairman of the Bank of England added that several central banks around the world are engaged in studying the issue of developing CBDC..

Join our telegram channel to keep abreast of the main trends in the crypto market.

Bank of England – Mark Carney on World Reserve Digital Currency Proposal – Aug 23 2019

Earlier, the imminent appearance of CBDC was announced in the large German financial conglomerate Deutsche Bank.

Bank believes the COVID-19 coronavirus pandemic is accelerating CBDC developments as fiat currencies pose a greater threat of spreading infection to society.

Anti-cryptocurrency position

However, plans to create a CBDC do not in any way affect the skepticism of the Bank of England regarding bitcoin. In particular, Bailey said earlier that if potential investors want to lose their funds, then they can safely invest in bitcoin..

BANK OF ENGLAND TO RELEASE A DIGITAL CURRENCY!

“There is no guarantee of the value of bitcoin. I have spoken about this publicly because we are concerned. If you want to buy bitcoins, be prepared to lose all your money. If you want to buy them [bitcoins], fine, but understand that what you have has no intrinsic value, “Bailey said..

In addition, the Chairman of the Bank of England noted that at the moment bitcoin does not have any basic value, but is supported exclusively by speculation..

The Bank of England’s attention to digital currencies has been riveted since the beginning of the year.

In February, the bank’s chief teller Sarah John said that the attention of central banks on private digital currencies is “extremely important” as private sector companies already have every chance of bypassing some regulators by issuing their own cryptocurrencies..

What do you think? How soon will the UK have its own “cryptocurrency”? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Tags

  • Great britain
  • Digital currency
  • Digital asset
Bank of England confirms plans to create national digital currency
Bank of England confirms plans to create national digital currency
Bank of England confirms plans to create national digital currency

Similar articles