Bank of England Could Issue “Bitcoin-style Digital Currency” in 2018


The Bank of England might have “its own Bitcoin-style digital currency” by next year, according to the country’s legacy media. The more than three hundred year old bank set up a research unit back in 2015 to investigate linking a state-backed crypto to sterling, and there appears to be a breakthrough. Also read: EU Central Banker: No Plans to Issue State-Backed Cryptocurrency Bank of England Might Go Crypto in 2018 Venezuela has its Petro. Russia is looking at a Cryptoruble. Could there be a Britcoin? A Ukoin?  The Telegraph would have readers believe, yes, writes its Chief Reporter Robert Mendick. 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. Mark Carney Governor Carney, 52, is the first non-Briton to hold that position at the Bank of England. Former Governor of the Bank of Canada, he also spent over a decade at Goldman Sachs. Just days ago, Mr. Carney confirmed bitcoin is an “active area of interest” and seemed most interested in its underlying mechanism for delivery, the decentralized distributed ledger. Unconcerned about its retail potential, he told British lawmakers, “You don’t end up with those financial stability risks, you get financial stability benefits. And you save huge amounts of computational energy intensity.” He went on to describe the Bank of England’s study of bitcoin as “pretty active in it but we’re also disciplined. If we’re going to apply…
Source: Bank of England Could Issue “Bitcoin-style Digital Currency” in 2018

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