Bank Of England Is Looking To Create A Digital Pound

It’s been just revealed that there is a new paper that considers the case for a digital pound with the help of crypto tech. Check out the latest reports below.

The Bank of England, along with the United Kingdom’s Treasury, is exploring the possibility of a digital currency that would purportedly maintain monetary stability in the UK’s economy. Among others, of course.

As the online publication Blockworks notes, in a joint paper on Tuesday, the Bank of England (BoE) and the government’s HM Treasury said a digital currency is likely needed in the future — adding that it’s still too early to commit to building infrastructure that would underpin it.

Even so, an examination looking into how the currency could operate is in the works.

Jon Cunliffe, who is the deputy governor for financial stability for the BoE, said in a speech that the consultation and development stage could take two to three years.

The results of that process would inform the decision of whether to implement a digital pound.

“The work … will reduce the lead time to launch should the decision at the end of this stage be to implement the digital pound in the UK, which could then be introduced in the second half of the decade,” Cunliffe said.

It’s been revealed that there is a rise in negative sentiment on Bitcoin (BTC), and the crypto markets at large is increasing the odds that the 2023 bull run will continue, according to a leading analytics firm.

Santiment says a wide swath of traders now firmly believe prices will dip this month – and when too many people believe the market will go one way, a surprise is usually in store, as the online publication the Daily Hodl notes.

Stay tuned for more news.