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China, Europe also mulling the launch of cryptocurrency
- The UK could have its very own cryptocurrency
- UK Finance minister tasks Bank of England to study the possibility
- China and European banks are also looking at the prospect of launching their cryptocurrency
Cryptocurrency is here to stay and will now also having backing from UK’s financial institutions. Reuters quoting Britain’s Chancellor of the Exchequer (finance minister) Rishi Sunak reported that the UK is mulling the possibility to release their very own national cryptocurrency.
Cryptocurrency has opened a Pandora box, and despite efforts to control and regulate it, it is becoming more and more powerful. Therefore several countries like China, Sweden, and the UK are trying to launch a national cryptocurrency that will have the backing of the central banks. They will have a semblance of regulation and reduce the uncertainties associated with the latest form of wealth of the 21st century.
Cryptocurrency – Making Central Banks Nervous
Cryptocurrency like Bitcoin has upset the traditional ways of doing business, and Britcoin is one such method to tackle the challenges. British finance minister Rishi Sunak has instructed the Bank of England to study the possibility of a central bank-backed digital currency, tentatively named Britcoin.
Britcoin, the digital version of Pound Sterling
Britcoin, the digital version of Pound Sterling, will enable consumers and commercial entities to have accounts with the bank and negate the need for lenders while making payments. Reuters quoted Sunak, who was attending a financial industry conference that UK will be launching a new task force that will coordinate an effort to study the feasibility of a potential central bank digital currency (CBDC) between the Treasury and the Bank of England
Other Central Banks look at possibilities
Other Central banks are also following suit and studying the feasibility of setting up digital versions of their currencies, as reported by Reuters. One of the frontrunners is China, which plans to launch its central bank digital currency (CBDC). The European Central Bank is also mulling the possibility of launching its cryptocurrency to complement its financial bills and coins.
- The UK could have its very own cryptocurrency
- UK Finance minister tasks Bank of England to study the possibility
- China and European banks are also looking at the possibility of launching their cryptocurrency
Cryptocurrency is here to stay and will now also having backing from UK’s financial institutions. Reuters quoting Britain’s Chancellor of the Exchequer (finance minister) Rishi Sunak reported that the UK is mulling the possibility to release their very own national cryptocurrency. Cryptocurrency has opened a Pandora box, and despite efforts to control and regulate it, it is becoming more and more powerful. Therefore several countries like China, Sweden, and the UK are trying to launch a national cryptocurrency that will have the backing of the central banks. They will have a semblance of regulation and reduce the uncertainties associated with the latest form of wealth of the 21st century.
Cryptocurrency- Making Central Banks Nervous
Cryptocurrency like Bitcoin has upset the traditional ways of doing business, and Britcoin is one such method to tackle the challenges. British finance minister Rishi Sunak has instructed the Bank of England to study the possibility of a central bank-backed digital currency, tentatively named Britcoin.
Britcoin, the digital version of Pound Sterling
Britcoin, the digital version of Pound Sterling, will enable consumers and commercial entities to have accounts with the bank and negate the need for lenders while making payments. Reuters quoted Sunak, who was attending a financial industry conference that UK will be launching a new task force that will coordinate an effort to study the feasibility of a potential central bank digital currency (CBDC) between the Treasury and the Bank of England
Other Central Banks look at possibilities
Other Central banks are also following suit and studying the feasibility of setting up digital versions of their currencies, as reported by Reuters. One of the frontrunners is China, which plans to launch its central bank digital currency (CBDC). The European Central Bank is also mulling the possibility of launching its cryptocurrency to complement its financial bills and coins.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
