Bank of England Doomsday Scenario Paints Positive Outlook for Bitcoin
Doomsday scenarios are not very popular for an obvious reason, but now and then, it is important to consider what would happen if push came to shove. Bank of England posted their doomsday scenario, to reveal how UK banks would deal with a massive economic shock. While it is important to keep in mind most of these events will most likely not happen anytime soon, it gives valuable insights as to why Bitcoin is so important. Depending on who you pose the question to, banks will either be around for a very long time, or for a handful of years. This has lead to a scenario drafted by the Bank of....
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The Bank of England has decided to collaborate with MIT regarding the development of a CBDC. The Bank of England is the latest bank that has expressed interest in exploring the scope of a CBDC. This latest partnership is with MIT’s Media Lab’s Digital Currency Initiative, through which BoE seeks to inspect and understand potential […]
The Bank of England's ability to govern monetary forces in the UK economy could be undermined if digital currency is broadly adopted, according to a new BoE report. The study was the second issuance in a two-part publication on digital currency as part of the bank's most recent Quarterly Bulletin. It follows a previous report in May, in which it called bitcoin a kind of commodity. While acknowledging the bitcoin protocol as a "genuine technological innovation", the Bank of England largely dismisses bitcoin's ability to function on a wider scale, although it does suggest that broader....
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....