The Bank of England may issue its own cryptocurrency …

Bank of England may issue its own cryptocurrency next year

The UK central bank is considering issuing its own cryptocurrency pegged to the UK fiat currency, the pound sterling, in 2018. Writes about this Telegraph.

The Bank of England formed a specialized division for the study of cryptocurrencies back in February 2015. The publication notes that the group researching technologies related to the implementation of money transfers based on cryptography will present the results of its work next year..

Bank of England Governor Mark Carney explained that a specialized council convened by Her Majesty’s Treasury before Christmas is in talks on this issue with central banks around the world..

“I was involved in negotiations with major central banks on this issue,” he said, adding that the discussion will continue in January..

The Bank of England is known as one of the most active central banks, conducting its own research in the field of blockchain and distributed ledger technology..

“The underlying technology is of great interest. We are working on this issue at the Bank of England, “he explained..

Using blockchain to carry out settlements between central banks will have a positive impact on financial stability and efficiency, he said..

The Bank of England may issue its own cryptocurrency ...

Bank of England Financial Policy Councilor Richard Sharp said the proliferation of digital currency will provide consumers with access to a wide range of opportunities that remain unrealized to date..

At the same time, Carney noted that he would prefer to restrict the right to use digital currency by the level of central banks, if, of course, the results of the study turn out to be positive..

Recall that earlier the Bank for International Settlements called on central banks to actively conduct research in the field of blockchain and use distributed ledger technology to modernize outdated payment systems.