Bank of England Considers Digital Currency

July 21, 2020, by Maayan
The UK Central Bank is the latest institution to consider a financial future tied to blockchain.

BoE Governor Shines Light on the Future of Blockchain in UK Finance

Bank of England Governor Andrew Bailey has said that the UK’s central bank had been discussing the possibility of digital currency. Speaking to students in an online event Mr. Bailey said,

“Ongoing investigations would look at a central bank digital currency (CBDC) which would have implications across “payments and society.”

He added that it could be a real possibility in several years once the issues surrounding Coronavirus had passed.

The UK are the latest developed country to float the idea, with Sweden’s bank and the United States also seeing talks and moves toward a digital future. U.S. politicians have noted an urgency to avoid falling behind China, which is currently trialling its digital Yuan currency.

Central banks are keen to release their own payment systems in order to avoid losing control of the financial system to decentralized offerings. Despite, that there will still be room for currencies such as Bitcoin to act as digital gold, while other projects will benefit from a move to public awareness and usage of digital coins.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.