Will Bank of England’s own bitcoin trigger the death of high street banks?

Sunday, December 31, 2017
By Paul Martin

THE BANK of England is investigating the possibility of introducing a bitcoin-style digital currency linked to sterling, according to reports.

Sun, Dec 31, 2017

A new crypto-currency could be set up as early as 2018 and would transform the banking industry in Britain – possibly ending the need for high street banks.

It could even allow UK citizens to use the Bank of England to keep their money in digital form, rather than going via a retail bank.

This, in turn, could allow people to complete major sales and purchases, such as buying a car or a house, in a matter of seconds.

A research unit at the Bank of England was set up in February 2015 to look into the possibility of a sterling-linked crypto-currency and a spokesman told the Telegraph it could report back within the next 12 months.

The dramatic rise in value of bitcoin prompted a renewed interest in the potential for a digital currency linked to national central banks.

In January 2017 a bitcoin was worth just £720, before the value soared later in the year and peaked at almost £15,000 in mid-December.

While the value has dropped to just under £10,700, the volatile nature and increasing popularity of bitcoin has increased pressure on the Bank of England to introduce its own digital currency.

Because any digital currency introduced by the Bank would be linked to sterling, it would be far less volatile than bitcoin or other crypto-currencies.

The Rest…HERE

Leave a Reply

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter