Tuesday, May 30, 2023
HomeCryptocurrency NewsBank Of England considers the possibility of implementation of cryptocurrencies

Bank Of England considers the possibility of implementation of cryptocurrencies


According to Bloomberg, the director of the Bank of England, Mark Carney, speaking at the board in Stockholm on the future of central banks, said he was considering the central bank’s ability to issue a digital currency, but this is not an urgent problem. He confirmed previous statements that cryptocurrencies are currently not money.

Earlier this year, the bank said it would not launch its own cryptocurrency due to the possible consequences for the financial system. The bank, which began to study cryptocurrency in 2015, eventually decided that consumers would choose their cryptocurrency and close their commercial bank accounts, damaging the financial system.

The bank also expressed concern that it will lose the ability to use its interest rate policy to maintain financial stability if it implements a bank-controlled cryptocurrency. Nevertheless, Carney also noted that there are advantages in deploying blockchain technology for servicing the central bank. He said that technology can bring financial stability and save a lot of computing power.

In 2016, the bank began to unite with the fin-tech companies and launched its program “Fintech Accelerator”. In the past, he worked with Ripple, BitSight, PwC, Enforcd and MindBridge Analytics Inc.

Get The Latest Cryptocurrency News First - Join Us In Telegram

Recent Posts

Most Popular