Crypto-doubt – While some State Central Banks are jumping headlong into the cryptocurrency race, the central bank of england, but not necessarily wary of cryptocurrencies, seems to be plagued by doubts. At least this is what its governor announces: Andrew Bailey who doesn’t see the creation of a digital pound as a necessity. Explanations.
Cryptocurrencies and MNBC in England: to be or not to be, that is the question
For the Governor of the Bank of England, the mnbc extension, Digital Currencies of Central Banks, are not relevant despite the legislation that would like to create a regulatory framework for cryptocurrencies. They declaredindeed, that he does not see sufficient reason to create a digital currency issued by the Central Bank of England.
“I see no compelling reason why the Bank of England should issue a digital currency. There is a lot of work going on all over the world and we are part of it (…). We will continue to monitor developments and assess whether the case for issuing a digital currency evolves.”
Andrew Bailey, Governor of the Central Bank of England – Source: Reuters
An MNBC race that will be without England
It is not up to the banker to hide in the sand, on the contrary. Bailey had already, earlier this year, granted many advantages to cryptocurrencies and especially to the MNBC such as greater financial inclusion, or even the ability to fight money laundering.
But, then, what are the reasons that push Andrew Bailey to do it reject a digital pound ? According to him, the cryptographic system current that would work quite well so that the need for a digital book does not arise. Furthermore, it would appear that the race for a digital euro, initiated by Europe, does not encourage Britain to jump into the deep end.
This statement therefore resonates with the many central banks around the world that have decided to dive into state cryptocurrencies in an attempt to catch up with China, which already has a good lead. Neither Russia nor Iran are behind in this race either: the latter is planning to launch a stablecoin with gold backing.
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