[2015-09-18] Bank of England Economist Proposes National Digital Currency

[tyz]

The Bank of England’s top economist has suggested that a digital currency based on bitcoin could alleviate monetary policy problems.

http://www.coindesk.com/bank-of-england-economist-digital-currency/

[Carlton Banks]

lol

Sterling is already redeemable only as digital tokens, it hasn't been redeemable in silver bullion for the longest time. Maybe there are some analogue vestiges (clearing houses etc), but the idea that these central banks can maintain their present management structure and create competitive cryptocurrency is a complete joke.

[tiggytomb]

Things are moving in the right direction, there is a lot of talk recently about Bitcoin solving issues.

[Denker]

Things are moving in the right direction, there is a lot of talk recently about Bitcoin solving issues.

Not in this article. Here it is written again only about Blockchain technology solving issues.

" a state-backed digital currency based on bitcoin" --> not Bitcoin

"the distributed payment technology embodied in bitcoin has real potential" --> not Bitcoin

"Bitcoin’s 'blockchain' technology" --> not Bitcoin


Furthemore these question they ask themselves shows in which direction they are heading. Meaning centralized controlled digital cash.

“Whether a variant of this technology could support central bank-issued digital currency is very much an open question,” he said. “So too is whether the public would accept it as a substitute for paper currency. Central bank-issued digital currency raises big logistical and behavioural questions, too. How practically would it work? What security and privacy risks would it raise? And how would public and privately issued monies interact?”