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Bitcoin => Bitcoin Discussion => Topic started by: Carthages on May 28, 2018, 08:47:52 AM



Title: England Central Bank cryptocurrency
Post by: Carthages on May 28, 2018, 08:47:52 AM
Mark Carney, the governor of the Bank of England, , said he was open-minded about the prospect of a digital currency controlled by the central Bank (CBDC). He also pointed out that such an adoption would not happen soon .
Source : Bloomberg


Title: Re: England Central Bank cryptocurrency
Post by: Kotone on May 28, 2018, 08:51:45 AM
Mark Carney, the governor of the Bank of England, , said he was open-minded about the prospect of a digital currency controlled by the central Bank (CBDC). He also pointed out that such an adoption would not happen soon .
Source : Bloomberg

I relly cannot see the point of having a cryptocurrency bank especially if the wallets are in the personal care of the cryptocurrency users. Does this banks offer a much more stringent protection or are they hust putting it into one big vault waiting for one big take from a very nefarious blackhat hacker that can be in the amount of billions. At least if it is in the person’s care then at least they can have a different address, a different log in a lesser target for hackers and robbers


Title: Re: England Central Bank cryptocurrency
Post by: Carthages on May 28, 2018, 08:57:45 AM
Mark Carney, the governor of the Bank of England, , said he was open-minded about the prospect of a digital currency controlled by the central Bank (CBDC). He also pointed out that such an adoption would not happen soon .
Source : Bloomberg
More info here : https://www.coindesk.com/the-uk-government-is-launching-a-cryptocurrency-task-force/


Title: Re: England Central Bank cryptocurrency
Post by: Whibu on May 28, 2018, 08:57:54 AM
I think if the British central bank adopted cryptocurrency it would be very good, but it is true that I do not think it is easy and it will take quite a long time.


Title: Re: England Central Bank cryptocurrency
Post by: richan on May 28, 2018, 09:07:31 AM
Cryptocurrency don't need central banks to make it legitimate. It is peer to peer , decentralize and holders are their own banks by holding their own coins in their wallet.


Title: Re: England Central Bank cryptocurrency
Post by: actuealth on May 28, 2018, 09:16:07 AM
The English Central Bank, (or European, any other country's for that matter), issuing a Cryptocurrency is an Oxymoron.  It's just going to be a fiat currency wrapped in Crypto lingo.

The purpose behind the launch of Bitcoin was decentralisation, so as to defeat the fiat reign of the Central Banks. Those very culprits launching a Crypto is like coal calling the kettle black.


Title: Re: England Central Bank cryptocurrency
Post by: cryptohunter on May 28, 2018, 09:19:36 AM
obviously does not understand decentralised trustless aspects of bitcoin



Title: Re: England Central Bank cryptocurrency
Post by: Taki on May 28, 2018, 09:23:16 AM
Normally such adoption needs necessary changing in legislation and it may take a lot of time. But the fact is the government must to cooperate with crypto currencies, while they don't they are loosing a nice % of possible profit :)


Title: Re: England Central Bank cryptocurrency
Post by: iASIC on May 28, 2018, 09:39:20 AM
Yeah. This is good news for all investors in the UK. Electronic money is growing and the central bank is allowed to trade electricity bills. The British government was very open and modern. The future of the market is growing in Britain as this attracts many investors. Countries that do not accept electronic money should follow the example of Britain to bring the economy together.


Title: Re: England Central Bank cryptocurrency
Post by: bitbunnny on June 27, 2018, 06:35:42 PM
Mark Carney, the governor of the Bank of England, , said he was open-minded about the prospect of a digital currency controlled by the central Bank (CBDC). He also pointed out that such an adoption would not happen soon .
Source : Bloomberg

Well, this shows that at the moment banks are fine with cryptocurrencies as long as they can maintain the control. Because decentralization and lack of control are the things they dislike the most when Bitcoin and other cryptocurrencies are involved.
Since Bank of England has reputation and influence all around the world such decision might make significant impact.


Title: Re: England Central Bank cryptocurrency
Post by: Isaythebitcoinbitch on June 27, 2018, 06:38:48 PM
interesting thing...
one thing is sure: Adoption will not come easily.
what I would like to know is: why a central bank should hold some cryptocurrencies?
what's the main reason?



Title: Re: England Central Bank cryptocurrency
Post by: franky1 on June 27, 2018, 06:41:57 PM
bank of england is mor then open minded.
they are already trialling it

DLT is blockchain on a closed network
https://www.bankofengland.co.uk/news/2018/march/rtgs-renewal-proof-of-concept
https://www.bankofengland.co.uk/research/digital-currencies
https://www.bankofengland.co.uk/research/fintech
https://www.bankofengland.co.uk/research/fintech/proof-of-concept


Title: Re: England Central Bank cryptocurrency
Post by: Sandus_Cryptolover on June 27, 2018, 06:42:21 PM
BTCWith CBDC in place then the purpose of Cryptocurrency will be defeated. Governments just trying their best to get a firm hold and control of Bitcoin. Its never gonna work. Let England support Bitcoin if they actually want to and neglect the bank of a thing.


Mark Carney, the governor of the Bank of England, , said he was open-minded about the prospect of a digital currency controlled by the central Bank (CBDC). He also pointed out that such an adoption would not happen soon .
Source : Bloomberg


Title: Re: England Central Bank cryptocurrency
Post by: franky1 on June 27, 2018, 06:44:12 PM
interesting thing...
one thing is sure: Adoption will not come easily.
what I would like to know is: why a central bank should hold some cryptocurrencies?
what's the main reason?

its not about them holding bitcoin.. its about them changing their own systems so that they can sack their IT staff, sack their auditors and sack their IT security department because by using DLT(closed blockchain) the chains self secure/audit and maintain the network automatically.. thus saving them millions a year on labour they no longer need.


Title: Re: England Central Bank cryptocurrency
Post by: bitart on June 27, 2018, 09:48:12 PM
interesting thing...
one thing is sure: Adoption will not come easily.
...
Adoption of what? This won't influence the adoption of bitcoin.
If it's about the adoption of the new national cryptocurrency, Average Joe's won't care about the kind of the payment system at the bank. (if it's a blockchain based one or not). Banks even won't be forced to change anything in connection with their current frontend of their internet bank software.
The reason is simple, the digital national currency is just a different kind of digital form of the fiat that the central bank issues.
If central banks talk about cryptocurrency or blockchain, they don't think about bitcoin but something centralized.


Title: Re: England Central Bank cryptocurrency
Post by: CryptoGamblingSites on June 27, 2018, 11:37:18 PM
The English Central Bank, (or European, any other country's for that matter), issuing a Cryptocurrency is an Oxymoron.  It's just going to be a fiat currency wrapped in Crypto lingo.

The purpose behind the launch of Bitcoin was decentralisation, so as to defeat the fiat reign of the Central Banks. Those very culprits launching a Crypto is like coal calling the kettle black.


Crypto gives banks the perfect opportunity to get rid of paper money though. They have wanted to get rid of it for year because tracking everyone's finances is their hobby.

I'd assume the banks remove the paper money supply and call it this new tech crypto! Then there is a "regulated" crypto currency market (electronic money isn't new) and what we have with bitcoin and other decentralized currencies still.


Title: Re: England Central Bank cryptocurrency
Post by: weiweianll on June 27, 2018, 11:45:10 PM
Many banks are aware that the underlying blockchain technology for cryptocurrencies has great potential for growth. Banks want to take full advantage of this potential to safeguard their own interests.
The Central Bank's research on its own cryptocurrency can eliminate the need for large banks


Title: Re: England Central Bank cryptocurrency
Post by: notaek on June 27, 2018, 11:45:29 PM
Crypto gives banks the perfect opportunity to get rid of paper money though. They have wanted to get rid of it for year because tracking everyone's finances is their hobby.

Do you think banks want to get rid of paper fiats? Nope. Never gonna happen. Banks have ways to track your paper currencies as well.
Cashless payments have overtaken the use of notes and coins only to curb down the use of counterfeit notes.

With the introduction of their own crypto, they are basically going to confuse the common individuals into believing them and move forward with the manipulation.


Title: Re: England Central Bank cryptocurrency
Post by: CryptoGamblingSites on June 29, 2018, 06:32:35 PM
Crypto gives banks the perfect opportunity to get rid of paper money though. They have wanted to get rid of it for year because tracking everyone's finances is their hobby.

Do you think banks want to get rid of paper fiats? Nope. Never gonna happen. Banks have ways to track your paper currencies as well.


There is only about 9% of printed money left in the worlds money supply, they have been moving digitally for decades.

Printing dollars and coins costs more every year because security measures for stopping counterfeiting have to be updated all the time.

The digital ledgers and distribution methods for money will be lower cost to update the technology, like updating your phones software. The paper fiat system currently requires thousands of bank employees to help remove money from the money supply when it's outdated?!?! Then they all add new money into the supply with better security, over and over.

There are more benefits to moving it all digital, very few benefits to continuing with paper money 20 years from now.  

We will still have a "cash" system that banks can't track (decentralized crypto currencies) and there will be a digital cash system the banks and government use as a national currency same as we have now. This is part of the reason for all the media headlines about bitcoin fraud, crypto scams etc, the governments and banks don't really know how to move everything digitally, without having everyone move to the decentralized money.


Title: Re: England Central Bank cryptocurrency
Post by: abojamal on July 20, 2018, 09:21:00 PM
If the news is true
Will have a positive impact
But ... see how the bank will deal with encrypted currencies
Will strict banking rules apply to it?


Title: Re: England Central Bank cryptocurrency
Post by: idex100 on July 20, 2018, 09:24:34 PM
While it is nice to have a senior government official openly support cryptos, it is also important to note that a cryptocurrency controlled by the central bank is essentially a fiat, it is centralized with banks still the middlemen.


Title: Re: England Central Bank cryptocurrency
Post by: iamwagner on July 20, 2018, 09:25:18 PM
Why would anyone want a government run cryptocurrency?  We wouldn't need crypto if they had not mucked up our fiat system by printing sh*t tons of it.  I would love to see .gov try to have an actual coin limit.  Instead of raising the debt ceiling they could raise the token amount.  I think I will take Bitcoin instead.  


Title: Re: England Central Bank cryptocurrency
Post by: idex100 on July 20, 2018, 09:28:30 PM
If the news is true
Will have a positive impact
But ... see how the bank will deal with encrypted currencies
Will strict banking rules apply to it?
It will not mean so much for the crypto ecosystem, for example we have the Petro (even purportedly backed by oil) not making so much change in the cryptospace.


Title: Re: England Central Bank cryptocurrency
Post by: bitart on July 20, 2018, 09:48:24 PM
Why would anyone want a government run cryptocurrency?  We wouldn't need crypto if they had not mucked up our fiat system by printing sh*t tons of it.  I would love to see .gov try to have an actual coin limit.  Instead of raising the debt ceiling they could raise the token amount.  I think I will take Bitcoin instead.  
Because there are people who wath soap operas in the TV, they don't really care about the tomorrow at all, they live in a way how they see it in the advertisements, the media has a great influence on their decisions...
If they don't care about the things you mentioned, because they think those things are far too complicated for them or they think that they can't influence those things... so why they would not support a centralized fiat crytpo, if the government creates a good marketing for it in the media (which is somehow influenced by the goverment... maybe...)
For these kind of people, the "digital money" or "fiat 2.0" would be a step forward to a better, digitalized life... and you cannot blame them for their decisions...


Title: Re: England Central Bank cryptocurrency
Post by: ngocdhbk2 on July 20, 2018, 09:52:53 PM
It's good that England Central Bank has opened the door and welcome Bitcoin as a currency, investors will safer when put money into it and have less risk.


Title: Re: England Central Bank cryptocurrency
Post by: zxl912157 on July 30, 2018, 03:05:14 AM
Good for the UK to adopt digital currencies because Great Britain is a big country and has strong finances.

But maybe how do its millions of people wallet in united in 1 server, if it can be very dangerous.
It's also possible that their Private Key (the Bank must have) and it is very dangerous when the Private Key is owned by a third party.


Title: Re: England Central Bank cryptocurrency
Post by: AnnaJames12 on July 30, 2018, 04:07:49 AM
There is information that the Bank of England may issue electronic money in 2018.
The Bank of England may be building a "Bitcoin electronic currency" this year, according to a spokesman for the British media. Earlier, the 300-year-old financial institution set up a research team in 2015 to examine the possibility of connecting a state-issued monetary algorithm to the pound, and it seems that they eventually achieved a breakthrough.
The system of private banks may be "sitting quietly" in front of this information, as it is the ringing signal of their dying days. A world of exchange of real estate, vehicles, ... with just a snapshot will no longer be where traditional banks find a place for themselves.


Title: Re: England Central Bank cryptocurrency
Post by: SaraMartin1212 on July 30, 2018, 04:15:22 AM
This past summer, the Bank of England also tested blockchain in its payments with other central banks and everything went smoothly. Earlier, in the spring of 2017, the Bank of England asked Dr. George Danezis of the University College London to try to build an electronic bank on behalf of the bank. RS Coin was born there, and it looks like it includes a lot of features for banking purposes: the central bank can easily control the supply and the amount of money circulation at all times.


Title: Re: England Central Bank cryptocurrency
Post by: Renal on July 30, 2018, 04:37:41 AM
if this would happen that the English country adopting the crypto would obviously be able to boost the price of the bitcoin which is now again a price reduction hopefully soon will happen in the near future.


Title: Re: England Central Bank cryptocurrency
Post by: bitart on July 30, 2018, 08:42:15 PM
if this would happen that the English country adopting the crypto would obviously be able to boost the price of the bitcoin which is now again a price reduction hopefully soon will happen in the near future.
There's no connection between national crypto adoption and bitcoin price. If people will be forced (OK, motivated) to use the national crypto instead of the banknotes, they won't know that it's a blockchain based system or not... They will only know that it works with smartphones and it's quick. They won't care also... So they won't know much more about cryptos if a national digital money will pop up, so they won't use/know/trust bitcoin more than before...


Title: Re: England Central Bank cryptocurrency
Post by: mekie on September 23, 2018, 01:20:53 PM
The chancellor in the same article also mentions robo-regulation "Hammond (the chancellor of the exchequer) is also set to announce several other measures relating to the fintech sector more broadly, including "the next steps in 'robo-regulation.'"

The statement said that the latter would consist of "pilot schemes to help new fintech firms, and the financial services industry more widely, comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money."