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Bank of England May Be Open to Help From The Private Sector to Fill Voids In Digital

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The United Kingdom’s central bank, Bank of England (BoE) has revealed in a webinar this week that it is reviewing the impact of private cryptos in the future usage of money.

Bank of England specialists who are involved in the exploration of how a UK’s central bank-issued digital currency commonly referred to as CBDC would operate, has revealed that private firms may have a bigger role to play during the issuance, as well as, the distribution of the money.

Whereas BoE has already stated that Bitcoin, as well as other cryptos, do not qualify to be considered “money.” Ben Dyson, a CBDC analyst, explained that this should not be taken to mean that the technology behind these cryptocurrencies cannot be improved to meet the set criteria for money. 

He explained:
“WE’VE SEEN PROPOSALS OVER THE LAST YEAR FROM LARGE TECHNOLOGY FIRMS, FOR EXAMPLE, TO BUILD PAYMENTS SYSTEMS AND CRYPTO-ASSETS THAT COULD FUNCTION MORE AS STABLE MONEY.”

@TradeCryptoNow
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