News

Bank of England reveals about Crypto-currency?

The Bank of England has not closed the door on a central bank-issued crypto-currency.

Mark Carney, the governor of the Bank of England, said “We would consider a digital currency issued by the central bank but that it is not a pressing concern, according to Bloomberg.” He reaffirmed previous statements that “crypto-currencies are not acting as money at the present time.”

Why Bank of England Pursues Blockchain Technology?

Carney noted that there are advantages to deploying Blockchain technology for central banking. He said it brings financial stability and saves a lot of computational energy output.

In April, the BoE released a proof on concept analyzing ways to allow customers to share information in a secure network. The bank enlisted a Blockchain services provider, to develop a solution.

The bank said maintaining data network wide and improving user privacy was in a preliminary stage, but the possibility of accomplishing these goals still exists.

“Crypto currency is safe, secure and worldwide acceptable currency."