Bank of England could Have Its Own Bitcoin-Style Digital Currency

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The over 300-year-old Bank of England is considering launching its own Bitcoin-style digital currency according to local media reports following nearly three years of research into linking the sterling with a state-backed crypto.

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This follows the path taken by other nations, most notably Venezuela, which is about to launch its own crypto-currency, the Petro. Russia is also looking at a Cryptoruble.

From News:

Bank of England Governor, Mark Carney, reportedly “told a Treasury Select Committee before Christmas that he had held talks with other central banks about launching digital currency,” according to Mr. Mendick. Bank of England Could Issue “Bitcoin-style Digital Currency” by 2018

Carney described Bank of England’s study of Bitcoin integration since 2015 as “pretty active in it but we’re also disciplined. If we’re going to apply something to the core of the system, it’s going to need to meet five sigma quality rating.”

Carney confirmed: “I have participated in discussions with the major central banks on this issue” of a central bank-backed digital currency. And over the summer the Bank of England used blockchain technology as a test to see if it could be used as settlements between central banks. It was successful. “The underlying technology is actually of a fair bit of interest. We are working with it at the Bank of England,” he reportedly explained to the Treasury Select Committee.

In the Spring of last year, the Bank of England commissioned Dr. George Danezis of the University College London to devise a cryptocurrency with state-assumed backing, News noted.

Up to 40% of all online gambling transactions in so-called “grey” or “restrictive” markets, encompassing more than half the globe, are now done using crypto-currencies.  In the fall of 2017, announced it had begun the acceptance of some five dozen crypto-currencies

- Aaron Goldstein,

Business/Financial News

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