Britcoin another Cryptocurrency on the Corner?

Britcoin another Cryptocurrency on the Corner?

While Russia is looking into Cryptoruble, there is a belief that soon the world might also be able to see a Ukcoin or maybe Britcoin. The Governor of Bank of England, Mark Carney, recently stated that the Treasury Select Committee had held some talks with several central banks in order about launching a potential digital currency.

Mark Carney is the first Non-British to hold the position of a Governor in the Bank of England. A few days back, Mr. Carney confirmed that bitcoin is one of the active area of interests, and seems to have the most potential in its underlying mechanism for delivery.


Unworried about bitcoin’s retail potential, he stated that with Bitcoin you do not take financial stability risks, rather financial stability benefits, while also saving a large amount of computational energy.

He further states that the Bank is studying in bitcoin pretty actively and in a disciplined manner. Moreover, if the bank ever applies something to the core system, it will need to satisfy the five sigma quality rating first.


He also confirms that he has participated in several discussions with some of the major central banks on the issue of a digital currency, backed by central banks. Sometime in the past, Bank of England ran tests using the Blockchain technology to see whether it can be used for settlements between central banks, and it presented positive results. He mentioned that the technology has a fair bit of interest.


Mr. Carney firmly believes that the digital token released by Bank of England would only be used between central banks, however, reports suggest that units set up by Bank are also investigating into the introduction of digital currency linked to sterling. This is a hard to imagine scenario, as it would mean the death of traditional retail banks.

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