In 2018 Bank of England May Launch its Own “Bitcoin”

In 2018 Bank of England May Launch its Own “Bitcoin”

More than 300-year old bank – the Bank of England – could green light its own type of bitcoin in 2018. The establishment has been conducting a proper investigation since 2015, so it seems that soon the bank will be able to present its attainment.

According to The Telegraph, Mark Carney, who is the bank’s governor, allegedly informed the Treasury Select Committee about his conversations with other central banks concerning the implementation of cryptocurrency.

Reportedly, he also said to British lawmakers that the decentralized ledger could bring financial steadiness advantages rather than stability risks. In addition, he recently called bitcoin a stirring zone of interest.

Interest in Blockchain Technology

52-year old Carney, who once governed the Bank of Canada and spent more than ten years at Goldman Sachs, depicted the study of cryptocurrency as an active one and disciplined. He also believes that whatever he says on this issue would be out-of-date in just a half of a year from now, as things in the crypto market change speedily.

Carney also assured that during the 2017 summer the Bank of England applied blockchain technology as a part of the experiment to find out whether it can be used between central banks. And according to his words, this test was fortunate. “The underlying technology is actually of a fair bit of interest. We are working with it at the Bank of England,” he allegedly told the Treasury Select Committee.

Notably, last year spring Dr. George Danezis from the University College London was assigned by the Bank of England for developing a crypto coin, which would be supported by the state. This way appeared RS Coin. It looked that this digital currency could bring some efficiency thanks to automatizing the banking goals. For example, thanks to it, at any time central banks could monitor the money delivery and measure the amount of money which is circulated.

Will it be Connected to Sterling?

Even though Carney emphasized his belief that the coin would be used only by central banks, there remains a possibility that it might later be connected to the British sterling. The Telegraph informed that the investigation by the Bank of England had been researching this use of cryptocurrency mainly.

Interestingly, the Bank of England is not the first establishment to offer the issuance of its own cryptocurrency. Earlier, Russia asserted to create the national digital coin called “cryptoruble”, whereas Israel could issue the “crypto shekel”.