Bank of England, HMT, UK Gov & the Future of the Digital Currency Industry in Great Britain
While it seems from the outside looking in that the Bank of England, The United Kingdom Government and Her Majesty’s Treasury are pro digital currencies, just what direction are they really going in and at what cost will their final decisions have for the decentralised concept the protocol was designed for. There were very positive signs appearing during mid-2014 with HMT launching a review into digital currencies and announcing turning the UK into the global centre for digital currency trade. At the launch of Innovate Finance, a new industry body established to promote the interests of....
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Life in jolly ‘ole England has been quite turbulent over the past year or so, culminating with the epic Brexit vote this summer, changing the way the nation will do business forever more. This appears to be only the first step in their upgrades for future business initiatives, as the Bank of England has decided to revamp their financial services settlement system to include innovations like Bitcoin’s Blockchain technology. Bank of England wants to be more inclusive and more compatible. The Bank of England has scheduled a redesign of their RTGS (Real-time Gross Settlement) system. RTGS is a....
One of the contributors to the Bank of England's preliminary CBDC research tells us why a digital pound is neccessary in the United Kingdom. The United Kingdom Chancellor of the Exchequer announced the launch of a CBDC task force this week, bringing together the Bank of England and Her Majesty’s Treasury to coordinate the exploration of a potential central bank digital currency. Depending on the feedback received from various areas of industry, academia, and civil society, the task force will advise the Bank of England on the future rollout (or not) of what would be a digital version of....
The Bank of England has proposed the introduction of a central bank backed digital currency alongside fiat banknotes. The idea of creating a central bank backed digital currency is not a new thing. The digital currency community and central banks of various nations have floated this idea at one point or another. While most nations are yet to act upon it, the Bank of England is already doing the groundwork for such an implementation. A ‘Staff Working Paper‘ published this month as part of the research commissioned by the Bank of England reports that introduction of a Bank of England backed....
A senior central bank official has stated that the priority of the Bank of England is to create a regulatory approach to Fintech as it understands its impact, according to Reuters. Victoria Cleland, the BoE’s Chief Cashier, explained that the risks and advantages of digital currencies and blockchain were being assessed. This announcement by the BoE comes when policymakers in Britain want to know if London will remain the global centre for Fintech or if companies will move to other European countries instead. Cleland said that the BoE was working with firms in the Fintech sector to....
Bitcoin has been on an impressive run of positive energy, as of late. Integration of the Segregated Witness algorithm has begun, apparently without fault. Same goes for the ‘Bitcoin halving,’ which has also shown no ill effects to the market to this point. And this spring, Japan has chosen to officially accept Bitcoin as a currency on a national level. Will Great Britain, home of the Brexit, follow Japan’s leadership? Apparently not, according to the minutes from a recent meeting of the United Kingdom’s financial elite. Meeting of the UK Economic Affairs Committee. Now that Great Britain....