The Bank of England is reviewing whether it should create a central bank-backed digital currency, according to British central banker & Governor of the Bank of England Andrew Bailey.

Central bank are getting on board. What does this mean for the future of already established digital currency like Bitcoin and Etherum.More competition? More visibility? More money invested?The news comes after UK saw a big spike in crypto currency demands. As of 2020, there is an estimated 2.6m users of digital currencies in the UK compared with 1.5m same time last year.At the start of the year, the BoE joined an international working group of central banks exploring the potential of state-administered digital currencies. Other partners were The Bank of Canada, Bank of Japan, European central bank, Sveriges Riksbank of Sweden Swiss national Bank and Bank for International Settlements.Are they a direct threat to CryptoCurrency currently used? It defies the very core principle of having a decentralized currency.

Submitted July 14, 2020 at 01:59AM