Citi Suggests UK Government Create its Own Digital Currency
The United Kingdom, is often one of the friendlier places when it comes to Bitcoin legality, especially when compared to US regulation, such as the New York BitLicense. Citi, a global banking and financial corporation, recommended that the UK take its acceptance one step further with the creation of a UK cryptocurrency. In a document submitted by Citi to the British government, Citi noted the risks involved with digital currency. However, Citi also mentioned the untapped possibilities that digital currencies like Bitcoin can offer:
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Around the same time as Accenture's call for the UK government to regulate bitcoin wallets, Citi suggested that officials should look into creating their own digital currency. This has been revealed in the Treasury's release of a document entitled "Digital Currencies: Response to the Call for Information". This report summarizes all the submissions received by the government after it urged the public to assist them in understanding the workings of the digital currency industry. The Treasury received more than 120 responses and has outlined the proposals and the government's next steps.....
Citi has told the UK government it should consider creating its own digital currency, a newly obtained document has revealed. The document, a response to the Treasury's call for information on digital currency, was obtained by CoinDesk via a Freedom of Information request. In the response, the global bank's Treasury and Trade Services (TTS) Technology and Innovation Team states: "The greatest benefits of digital currencies can be realised through the government issuing a digital form of legal tender. This currency would be less expensive, more efficient and provide greater transparency....
In March, after receiving more than 120 replies to a call for information on digital currencies, the U. K. government released a Treasury document titled "Digital Currencies: Response to the Call for Information," which summarizes the submissions received and outlines the government's views and proposed next steps. In particular, the government is launching a £10 million (U. S. $14.6 million) research initiative on digital currencies. One of the replies to the U. K. government call for information came from the global bank Citi. The bank is persuaded that digital money adoption is....
London has been trying to establish itself as the global hub of bitcoin, with more and more cryptocurrency enthusiasts freely able to exchange ideas about the industry in this city. In addition, the UK government has taken a relatively open-minded stance in taking cryptocurrency developments in stride. According to Citi, the UK government should create its own cryptocurrency to spearhead the shift to a more technologically-advanced shift in monetary systems and payments. "The greatest benefits of digital currencies can be realised through the government issuing a digital form of legal....
Leading global bank Citi has called on the government of the United Kingdom (UK) to adopt a digital form of legal tender to reduce the cost of moving money, increase consumer spending and add greater liquidity to the market. Citi made the request in a response, obtained by CoinDesk, to the government's public call for Information on digital currencies from the UK Treasury made in November, which asked for views on the risks and benefits of cryptocurrencies such as bitcoin. The aim of the consultation is to in order to decide whether the UK government should support innovation in the area....