Bank of England may issue its own 'bitcoin'

[lifetimebitcoins]

The Bank of England could approve its own bitcoin-style digital currency within the next year, The Sunday Telegraph can disclose. A Bank of England-issued digital currency could allow British citizens to keep their money - in digital form - with the central bank itself, dispensing with the need for a retail bank..

The bank has been trialling technology for digital transactions, using the same methods that underpin Bitcoins and other crypto-currencies. The volatility - and apparent popularity - of bitcoin will intensify pressure on the Bank of England to make a decision on an alternative digital currency of its own..

Mark Carney, the Governor of the Bank of England, told the Treasury select committee before Christmas that he had held talks with other central banks about launching digital currency. The bank carried out a successful test of a new digital payment method - called "distributed ledger" or "blockchain" technology - in the summer, that demonstrated the viability of making payments between two central banks..

Dr George Danezis, who is working on the RSCoin at University College London, suggested that digital currency would make it far easier for central banks to control the money supply. Mr Carney would prefer a restriction on the use of digital currency - should the Bank agree it - to transactions between central banks..

http://www.afr.com/technology/bank-of-england-may-issue-its-own-bitcoin-20171231-h0bskf

[Crypto-2X]

Wow!! what a great news. 
If it is true then the crypto will be more popular and well useful in the future.

[minisegway]

These are just plans, but there is news that they will not forbid British residents to buy crypto-currency with a ban. That is, you can only be citizens of the United Kingdom, that is, if you are from New Zealand - then please, and if you are from Belbium - then no))) This is ridiculous))

[Spoetnik]

Defeats the purpose of having a global currency when each country lines up to say their making their own.

[Turkish88]

Bitcoin is opensource, everyone can create their own "bitcoin", question is approve this community or not

[BitcoinThief]

I hope they do cause everyone know the one thing we need is another cryptocurrency.

[NorrisK]

Nothing really new I guess.. many instances are talking or honking about launching some sort of crypto.

They way they go about it does defeat the purpose often however.

[genset88]

The Bank of England could approve its own bitcoin-style digital currency within the next year, The Sunday Telegraph can disclose. A Bank of England-issued digital currency could allow British citizens to keep their money - in digital form - with the central bank itself, dispensing with the need for a retail bank..

The bank has been trialling technology for digital transactions, using the same methods that underpin Bitcoins and other crypto-currencies. The volatility - and apparent popularity - of bitcoin will intensify pressure on the Bank of England to make a decision on an alternative digital currency of its own..

Mark Carney, the Governor of the Bank of England, told the Treasury select committee before Christmas that he had held talks with other central banks about launching digital currency. The bank carried out a successful test of a new digital payment method - called "distributed ledger" or "blockchain" technology - in the summer, that demonstrated the viability of making payments between two central banks..

Dr George Danezis, who is working on the RSCoin at University College London, suggested that digital currency would make it far easier for central banks to control the money supply. Mr Carney would prefer a restriction on the use of digital currency - should the Bank agree it - to transactions between central banks..

http://www.afr.com/technology/bank-of-england-may-issue-its-own-bitcoin-20171231-h0bskf

If Bitcoin can actually be released in the UK National Bank then I think Bitcoin will also be accepted by other developed countries, it's also a good thing to use electronic coins, it's It helps the users keep their money well, just afraid it can be hacked and steal money from another place...

[icanscript]

The Bank of England could approve its own bitcoin-style digital currency within the next year, The Sunday Telegraph can disclose. A Bank of England-issued digital currency could allow British citizens to keep their money - in digital form - with the central bank itself, dispensing with the need for a retail bank..

The bank has been trialling technology for digital transactions, using the same methods that underpin Bitcoins and other crypto-currencies. The volatility - and apparent popularity - of bitcoin will intensify pressure on the Bank of England to make a decision on an alternative digital currency of its own..

Mark Carney, the Governor of the Bank of England, told the Treasury select committee before Christmas that he had held talks with other central banks about launching digital currency. The bank carried out a successful test of a new digital payment method - called "distributed ledger" or "blockchain" technology - in the summer, that demonstrated the viability of making payments between two central banks..

Dr George Danezis, who is working on the RSCoin at University College London, suggested that digital currency would make it far easier for central banks to control the money supply. Mr Carney would prefer a restriction on the use of digital currency - should the Bank agree it - to transactions between central banks..

http://www.afr.com/technology/bank-of-england-may-issue-its-own-bitcoin-20171231-h0bskf

Bankers are enemies of decentralized systems. After he comes to understand about not being able to withstand crypto currency, they act on the principle of "you can not destroy- тo head"

[randy321]

There we go again. First Russia, and now the UK.  There is no point in having a cryptocurrency if it's run by a central authority.  That defeats the whole purpose and the appeal of Bitcoin.

[Dreherns]

The Bank of England could approve its own bitcoin-style digital currency within the next year, The Sunday Telegraph can disclose. A Bank of England-issued digital currency could allow British citizens to keep their money - in digital form - with the central bank itself, dispensing with the need for a retail bank..

The bank has been trialling technology for digital transactions, using the same methods that underpin Bitcoins and other crypto-currencies. The volatility - and apparent popularity - of bitcoin will intensify pressure on the Bank of England to make a decision on an alternative digital currency of its own..

Mark Carney, the Governor of the Bank of England, told the Treasury select committee before Christmas that he had held talks with other central banks about launching digital currency. The bank carried out a successful test of a new digital payment method - called "distributed ledger" or "blockchain" technology - in the summer, that demonstrated the viability of making payments between two central banks..

Dr George Danezis, who is working on the RSCoin at University College London, suggested that digital currency would make it far easier for central banks to control the money supply. Mr Carney would prefer a restriction on the use of digital currency - should the Bank agree it - to transactions between central banks..

http://www.afr.com/technology/bank-of-england-may-issue-its-own-bitcoin-20171231-h0bskf

correct me please "Bank of England may issue its own token"

this is normal news because blockchain is strong technology and will be used by all soon

[gentlemand]

Has there ever been a case of a currency that did interact directly with a central bank? When I think of them I think of policy and underpinning, not getting their hands grubby with the ins and outs.

For better or worse retail banks act as an extra barrier between the normal person and being fucked with by political whims. It would be interesting to see whether a move like this met with approval or horror.

[Spoetnik]

There we go again. First Russia, and now the UK.  There is no point in having a cryptocurrency if it's run by a central authority.  That defeats the whole purpose and the appeal of Bitcoin.

There are others too.. this is a trend.
I also seen news in 2013 at Coindesk about a Canadian one the govt sold off the rights too.
We beat you all to it.. just like the ATM's (we had the first two in Kelowna / Vancouver)
We also beat you all to tax laws ..paying them investards ?
I doubt it

Anyway

Venezuela 2 days ago..

https://www.neowin.net/news/5342-billion-barrels-of-oil-will-back-the-petro-cryptocurrency

[iamTom123]

These are just plans, but there is news that they will not forbid British residents to buy crypto-currency with a ban. That is, you can only be citizens of the United Kingdom, that is, if you are from New Zealand - then please, and if you are from Belbium - then no))) This is ridiculous))

This can then be limited to British citizens but I think that since anybody can own the sterling they might open the ownership to anybody to prop up the demand. Anyway, central bank issue coins will never experience the same success generated by the usual cryptocurrency we already have in the market. But taking advantage of the blockchain technology, the project can be useful within the economy of Britain just like the use of their fiat money. In other words, this will just be digitized version of their own paper money -- no high volatility can be expected and there will be no surges since the value is controlled by the central bank.