The Bank of England considers issuing cryptocurrencies linked to the British pound

nBankruptcy comment: The Bank of England has been relatively aggressive in issuing its own cryptocurrency, and its governor has also praised the advantages of blockchain technology on several occasions. Recently, there is news that the Bank of England is seriously considering introducing cryptocurrency-linked cryptocurrencies, and a team responsible for the work said it may announce to the public this year the progress of the project. However, it is undeniable that this process must be challenging. There are many problems that need specialists to study and solve.n
nTranslation: Inan
A research group set up by the Bank of England, the Bank of England, is exploring the introduction of a cryptocurrency linked to the pound sterling.n
According to the “Daily Telegraph” reported that the team is expected in the next 12 months to report on this work.n
If approved, this encrypted currency, issued by the central bank, will allow UK users to store their digital currency at the central bank, thereby eliminating the need for retail banking. The news reports said the system could also allow large transactions to be completed almost instantaneously.n
Bank of England Governor Mark Carney said in talks with the UK Treasury Department’s special committee in December last year that he had held discussions with major central banks on the introduction of digital currency and said that BOE had dealt with district Blockchain technology has been successfully tested.n
Carney said:n
n”The underlying technology (blockchain) is actually quite interesting, and we are using it in the Bank of England’s work.”n
nHe also said that the use of blockchain technology in the settlement of inter-bank banking would be “the most interesting application,” favoring financial stability and efficiency.n
As we reported in September 2017, Bank of England researcher Simon Scorer openly explored the design requirements of digital currencies issued by the central bank, claiming it needed “extraordinary resilience levels” to address a range of issues.n
He said at the time: “Like the current financial infrastructure, the widely used digital currency of the central bank may also be considered an important national infrastructure … it needs to be operational around the clock in the country.”n

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