Expert explains why Britain needs a digital pound
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....
Related News
Reaching 1 GBP = $1.04, the pound has crash-landed, marking a record low against the U.S. dollar following the new prime minister’s budget announcements. The Great British pound sterling has fallen to the lowest level ever against the United States dollar. In a flurry of overnight trading activity, the pound reached lows of 1 pound = $1.04. It lost 5% of its value in a spiral.The United Kingdom’s sovereign currency, the pound sterling, is the world’s oldest currency that is still in use today. It is currently clinging above USD-pound parity, since regaining $.03 cents, bouncing to 1 pound....
Another serious drop is in the books. Following a period of hanging in $670 territory, the price has fallen to around $639 at press time. But while the forecast may look grim, the fact is that there are plenty of opportunities for bitcoin to rise back up. The British pound is continuing to fall into a deep, dark oblivion since the Brexit vote. The currency fell to a 31-year low as investment funds were halted and global bond yields were swallowed by a gaping, black hole. Foreign-exchange strategist Peter Dragicevich states: “There is little to stop the pound’s slide in the near term…....
The Brexit vote has come and gone, and while anti-Brexit petitions have arisen among the turmoil, many U.K. residents who have their savings stored in British pounds recently woke up to discover themselves eight percent poorer than what they’re used to. Bitcoin Price Is Falling, Still Doing Much Better Than the Pound. The British Pound has fallen in value since the Brexit vote took place; it now stands at the lowest it has been since 1985. Unfortunately, bitcoin’s rise is also witnessing a temporary halt. Since our previous price piece, which saw the digital currency hovering at around the....
Could a digital pound accelerate Britain’s growth post-Brexit and retake London’s status as the European financial hub? A financial think tank has suggested that Britain should adopt a digital pound in an effort to strengthen London’s status as a global trade center in the wake of Brexit. Previously the gravitational center-point of Europe’s financial sector, London saw much of its influence lost at the end of 2020 when Britain’s exit from the European Union was finalized.The United Kingdom’s Finance Ministry will now take proposals on how to make the City of London more attractive to....
Bitcoin (BTC) trading volumes against the British pound (GBP) surged to a new high after the Sterling wobbled on Tuesday, prompting market experts to speculate that investors scrambled to dispose of the Pound in exchange for Bitcoin or to profit from arbitrage. The British pound reached a record low against the U.S. dollar, according to data compiled by […]