Bank of England plans to issue a digital version of the Esterling Pound

It seems to be that the advantages of Blockchain technology have reverberated so much in these last days, it is that the latest news was related to a group of banks to work together to develop a digital currency in order to streamline their financial movements as an example of practicality in Europe.

This time the Bank of England announced its intention to develop a blockchain system, enabling the broadcast of a digital version of the Esterling pound.

The agency has posted a job offering for the position of Economic Development head for the team of digital currencies of the institution. This search is the result of the interest of the BoE (Bank of England) for an investigation to be completed in the development of a digital currency, according to the review of the News Banking website.

The Bank of England states that these issues require a thorough investigation. He adds that the incumbent will be responsible for the research agenda, conducting its own investigation and to provide timely response to questions posed by experts within the Bank and in the academy world. The incumbent will also be responsible for drawing conclusions from research on the impact of the issuance of a digital currency in the monetary stability, financial and the development of regulatory policy recommendations to the rulers.



In early 2016, the deputy governor of markets and banking made a speech inciting the principal leaders of the country’s payment sector to use blockchain technology to redesign and modernize the entire settlement system that currently runs the country.

The Blockchain technology has been well standing in front of experts from the European Bank, which initially seek to work with the system to implement their own currencies in digital version. The UK economy is considered the second largest in the European Union, although the departure of the country from the Union should be considered for consultation of the British in June.

The company also established a partnership with PwC (Price Waterhouse Coopers), which has a team specialized in blockchain technology in order to perform various proof of concept to test this technology in payment settlement systems of the British issuer.

However, representatives of the BoE and the UK Government have declared that the country is still several years away from performing the launch of a national digital coin or blockchain payments system.

Which means that such planning must be accompanied by a series of feasibility studies to develop hypotheses about the behavior of bank movements with the implementation of this proposal. The departure of the United Kingdom from the European Union is something that is still unclear since there is no common guideline to officially declare the “output” so in this issue should work especially economic advisers to see how this output affects or benefits the financial aspects to the British.

Source: Noticias Bancarias

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and/or services. This press release is for informational purposes only. Information does not constitute an investment advice or an offer to invest.

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