England Central Bank cryptocurrency

[idex100]

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.

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[iamwagner]

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.  

[idex100]

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.

[bitart]

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...

[ngocdhbk2]

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.

[zxl912157]

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.

[AnnaJames12]

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.

[SaraMartin1212]

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.

[Renal]

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.

[bitart]

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...

[mekie]

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."