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The UK considers cryptocurrency related to pounds sterling



A research group, created by the Bank of England (BoE) is exploring the introduction of a cryptocurrency related to pounds sterling.



02.Jan.18 11:20 AM
By Daria Zaytseva
Photo Toinnov.com

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The UK considers cryptocurrency related to pounds sterling
It is expected that the team will report for the next 12 months, according to the Telegraph report.

If approved, the cryptocurrency issued by the central bank will allow British users to store their digital money with the central bank, eliminating the need for retail banks. The report also says that the system would also conduct large transactions almost instantly.

Speaking to the UK Treasury Committee in December, BoE governor Dr. Mark Carney said he participated in discussions with major central banks about launching digital currency, adding that last summer, BoE conducted a successful test of blockchain technology.

He also said that using blockchain technology for settlements between central banks would be "the most interesting application", which would benefit financial stability and efficiency.

As reported in September 2017, Simon Scorer, a BoE researcher, has publicly discussed the design requirements for digital currency issued by the central bank, saying that "an extraordinary level of sustainability" would be required to address a number of problems.



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