WHAT’S THE RUMOUR
Discuss web news at http://www.facebook.com/webusermagazine 5 - 18 February 2020^11
Need to Know
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for £50 you get the Ultimate kit, including an attachable wallet and power bank.Cryptocurrencies have so
far been the preserve of
technology enthusiasts, but
they could soon hit the
mainstream, if rumours are
to be believed.
It’s thought that the Bank of
England will join the European
Central Bank, the Bank of
Canada, the Bank of Japan, the
Sveriges Riksbank, the Swiss
National Bank and the Bank for
International Settlements in
exploring the practicalities and pitfalls
of using cryptocurrencies.
The move comes as Facebook
prepares to launch its controversial
digital currency, Libra. The Bank of
England has been outspoken about the
move, saying Libra will need to be
regulated, which goes against the ethos
of the currency. The statement led many
backers to pull their support.
Now, it appears, the bank wants to
pop its own finger in this particular pie.
It may have taken some time – digital
currencies have been knocking around
for years – but central banks are finally
taking notice, rather than simply
opposing them as they initially did.
Frances Boait, executive director
of Positive Money, a non-profit
organisation devoted to monetary
reform, said: “Central banks need to
accelerate plans for a central bank
digital currency, which would both
ensure that people have the choice of a
Will the Bank of England
switch to cryptocurrency?
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LIKELIHOODRATING
Cryptocurrency is money – and
banks love money. It would be
foolish not to believe that the
Bank of England won’t want to
get in on the action at some
point. However, expect the BoE
and other central banks to want
to have their cake and eat it.
Banks will want all the
convenience and benefits that
cryptocurrencies offer, while
regulating new currencies to
within an inch of their life.