Monday, May 28, 2018

Bank of England (BOE) joins the growing chorus of central banks seeing sovereign cryptocurrencies as a viable alternative to cash

On May 27, the Bank of England (BOE) became the newest central bank to provide positive feedback on the potential of replacing sovereign currencies with a digital cryptocurrency.

Speaking at a banking conference in Sweden, BOE Governor Mark Carney stated that sovereign cryptocurrencies could solve a number of issues impacting the current fiat currency system, but that it would take some time to research all the elements necessary to institute one.

Governor of the Bank of England (BOE) Mark Carney says he is open to introducing a central bank-backed digital currency (CBDC). This could bolster the UK's presence in the global crypto environment, whilst making crypto transactions safer and more predictable for everyday Brits. 
Speaking at a conference at Sweden's Riksbank, Carney said that the introduction of a possible BOE cryptocurrency would not happen very soon, as the central bank will have to undertake a thorough examination of the global crypto market in order to properly assess the risks associated with such a move. 
Carney also said that cryptoes do not equal actual money or fiat currencies at this point, albeit they are convertible into solid cash as of now — which, the BOE governor didn't rule out — could change to the better or worse at an unpredictable moment in time. – Sputnik News
Should Carney pursue the creation of a sovereign cryptocurrency, the UK would join Venezuela, Russia, China, and even the United States who have already either implemented one, or are in the process of creating their own.

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