London: There have been indications that the central bank of Britain, “Bank of England” shall officially introduce “cryptocurrency” in the coming year. It has been revealed that Bank of England has appointed a research group in 2015 for this matter, the report of which shall soon be published. In 2016, the central bank of Britain had also introduced a currency called “RSCoin” as an experiment to test it.
Merely a week ago, Israel had issued a media release regarding introduction of its own “cryptocurrency” on the same lines as the “Bitcoin”. The stated objective behind this was to increase digital transactions and reduce cash-based dealings. It was in the news last year that besides Israel, countries like Russia, Japan, Sweden, China, Estonia were also making moves towards introducing their own “cryptocurrency”. Recent developments indicate that Britain would also join this group very soon.
In the month of December, the Governor of the Bank of England, Mark Carney had informed the British Parliamentary Committee about the “blockchain” technology required for “cryptocurrency”. He also claimed that bank transactions would be highly simplified due to this. The research group appointed in February 2015 by the Bank of England, was entrusted with the responsibility to study the use of “cryptocurrency” that would be linked to the “Pound Sterling” currency.
The head of the Bank of England stated that discussions on “cryptocurrency” with central banks of other countries have also been initiated. He also claimed that there would be some important meetings on this issue in the coming year.
At the global level, “Bitcoin” is currently the leading “cryptocurrency” whose rate is over ten thousand dollars. Along with Bitcoin, it appears that cryptocurrencies like Ripple, Ethereum have also been gaining importance and wider usage. Currently these cryptocurrencies have no backing and their rates show major fluctuations. Several countries have initiated actions against them and alleged that these were “Ponzi schemes”.