Bank of England refused to issue its own cryptocurrency
The Bank of England has scrapped plans to launch its own digital currency, citing concerns about the potential impact on the financial system. About writes this FTAdviser.The Central Bank of Great Britain explained that at the moment it is not considering issuing government cryptocurrency, but will continue to study this topic.
The announcement was made in all in a few days after it became known that a specialized division of the bank was developing a cryptocurrency pegged to the pound sterling. The results of his work were expected to be presented during the year.
The bank explained that it was forced to abandon the plan, as it fears that customers of commercial banks may refuse their services and give preference to state digital currency when making transactions and paying for goods and services. As a result, these banks could lose a significant part of their assets, which would cause "disorder" in the economy, explained the Central Bank.
The department also noted that the demand for paper money is quite flexible and can be controlled by changes in the interest rate. At the same time, experts suggest that such an approach will work worse with digital money, which means it will limit their ability to maintain financial stability..
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