The Bank of England plans to issue its own cryptocurrency

The UK’s Central Bank – the Bank of England (BoE) confirmed that «no plans to create a national cryptocurrency».

In updates
to its official position on cryptocurrency phenomenon, last week the representatives of the BoE stated that they prefer first to explore this concept to understand the «consequences» of its spread. The Bank of England has significantly expanded its presence in industry in the blockchain and will further inform research in this area.

In recent months, the UK was criticized for failing to keep up with the times in relation to investment and taxation of the cryptocurrency assets and associated profits. Despite the first mention of the idea of a centralized cryptocurrency, since it took nearly two years, the BoE continues to maintain a wait-and-see policy. Representatives of the Bank of England said:

«Currently, we do not plan to issue a digital currency by the Central Bank. However, we are conducting research to better understand the consequences of this decision… We have conducted several detailed studies on this subject and welcome the participation of the financial and academic communities in facilitating our study of this fast-paced industry.»

Not only the Bank of England mentioned the possibility of creating their own centralized crypto currencies. Repeatedly mentioned creating cryptorama
– national cryptocurrency of Russia, but has not yet cleared, it will be released or not. On one side was left, and Venezuela – in December, the country’s President Nicolas Maduro announced
the establishment of the Republic its cryptocurrency El Petro, which will help the country «move on the issue of monetary sovereignty» and to overcome financial blockade.

Representatives of the Central Bank of England in their statement hinted at the possible consequences of such actions for the economy:

«If the Central Bank issues a digital currency, everything, including enterprises, households and financial institutions, not only banks can use it to store funds and make payments using electronic money the Central Bank in addition to the ability to pay in cash. While this may seem like a small change, it can have wide-ranging implications for monetary policy and financial stability».

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