Bank of England Exploring UK Cryptocurrency, Says Governor Andrew Bailey

Bank of England exploring UK cryptocurrency, says governor Andrew Bailey

A UK cryptocurrency could be a reality soon, reports The Bank of England’s governor, Andrew Bailey. In his latest statement, the governor said that the bank recently discussed the mechanisms of a probable UK cryptocurrency backed by the central bank. Central bank digital currencies, or CBDCs, are being developed by many countries. China is leading the race with its digital Yuan already entering the testing phase in prominent cities. The statement from BOE’s Governor highlights the fact that western economies are also vigorously exploring the prospects of virtual currency to counter China’s digital currency initiatives.

UK cryptocurrency is a highly likely scenario

A Bloomberg report states that BOE Governor Andrew Bailey entered into a webinar discussion with students about a UK cryptocurrency. They explored the relevance and the context of having a virtual currency in the United Kingdom and its possible uses. Read More...