The apex Bank of England — BOE — occupied has claimed that there are a number of attractive new opportunities for businesses and organisations that the use of digital currencies and other new technologies could create.
According to deputy governor for the banking system Ben Broadbent, the UK central bank is paying “keenest attention” to potential regulatory consequences of emerging payment technology.
At Monday’s Bank of England conference, Ben Broadbent stated that “ the experience of digitalization so far is that new products and services enabled by new technologies can be adopted very rapidly at scale.” Thus it appears Ben favors the digital currency and sees the scope ahead.
Following ahead, he was concerned about the latest possibilities for financial organisations, for businesses, as well as, for individuals. Also, he added that “we would expect to see continued improvement, predictions in friction and cost of payment.”
As per Bloomberg, Bank of England (BOE) and UK Treasury officials are investigating the feasibility of a central Bank’s virtual money, called Britcoin, that would function similarly to cryptocurrencies like Bitcoin but is backed by central bank reserve.
Also read: UK to launch Digital Pound by 2030
