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Carthages
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May 28, 2018, 08:47:52 AM
 #1

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
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May 28, 2018, 08:51:45 AM
 #2

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



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May 28, 2018, 08:57:45 AM
 #3

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/
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May 28, 2018, 08:57:54 AM
 #4

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.

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May 28, 2018, 09:07:31 AM
 #5

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.
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May 28, 2018, 09:16:07 AM
 #6

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.
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May 28, 2018, 09:19:36 AM
 #7

obviously does not understand decentralised trustless aspects of bitcoin






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May 28, 2018, 09:23:16 AM
 #8

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 Smiley

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May 28, 2018, 09:39:20 AM
 #9

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.

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June 27, 2018, 06:35:42 PM
 #10

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.

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June 27, 2018, 06:38:48 PM
 #11

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?

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June 27, 2018, 06:41:57 PM
 #12

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

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June 27, 2018, 06:42:21 PM
 #13

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

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June 27, 2018, 06:44:12 PM
 #14

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.

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June 27, 2018, 09:48:12 PM
 #15

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.

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June 27, 2018, 11:37:18 PM
 #16

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.

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June 27, 2018, 11:45:10 PM
 #17

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
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June 27, 2018, 11:45:29 PM
 #18

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.

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June 29, 2018, 06:32:35 PM
 #19

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.

Learn about Bitcoin, Altcoins and Gambling with ICO's at www.cryptogamblingsites.com
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July 20, 2018, 09:21:00 PM
 #20

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?

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