Wednesday, January 3, 2018

Britain appears to be the next country working on replacing their currency with a sovereign crypto

Eastern economies such as China and Russia are already way ahead of the West when it comes to developing tools to replace their sovereign currencies with Blockchain based cryptos.  In fact there has even been discussions in recent weeks of creating separate cryptocurrencies to function within trade coalitions such as the Eurasian Economic Union (EEU), and the BRICS.


But now on Jan. 2 we can finally begin to add a European power to the mix as researchers at the Bank of England are seriously looking at developing a cryptocurrency replacement for the British Pound.

A research unit established by the Bank of England (BoE) is investigating the introduction of a cryptocurrency linked to pounds sterling. 
The team involved expected to report back within the next 12 months, a Telegraph report says. 
If approved, the central bank-issued cryptocurrency would allow British users to keep their digital money with the central bank itself, eliminating the need for retail banks. The system would also enable large transactions to be carried out almost instantaneously, the report says. 
Talking to the Treasury Select Committee in England in December, BoE governor Dr Mark Carney said that he has participated in discussions with major central banks on launching digital currency, adding that BoE had carried out a successful test on blockchain technology last summer.
Carney said: 
"The underlying technology [blockchain] is actually of a fair bit of interest. We are working with it at the Bank of England." -
Coindesk

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