UK Central Bank Is for Its Own Digital Currency

UK Central Bank Is for Its Own Digital Currency

Bank of England head Mark Carney has lately changed his mind towards digital money as he has declared that cryptocurrency backed by central bank is a good idea for improvement of the UK economy.

The perception of crypto has changed after the G20 Summit 2018. Before the event, Carney was actively attacking digital money and mentioning cryptocurrency speculation. However, after the Summit, he acknowledged that decentralized money does not put Britain financial system under threat. Moreover, Carney believes its adoption is the element necessary for growth of the economy.

During the Swedish conference, Carney stated that cryptocurrency issued by BoE will make transactions safer. It will take time before it could be launched as the bank should first analyse the risks. Crypto coins are still not considered legitimate, but bank’s study could alter the situation.

Let us remind you that Britain has already made some actions towards digital money examination. For instance, it has published a document highlighting the advantages of digital currencies issued by BoE. More than that, UK FCA investigates around 20 businesses involving crypto, and has already delivered 7 reports.

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