UK BoE Carney Is Open to Central Bank Issued Cryptocurrency

28 May, AtoZ Markets – The chief of the UK’s central bank, the Bank of England, has spoken on the topic of the future of central banking. Mark Carney has noted that the officials have an open-minded approach in terms of the idea of a central-bank-issued cryptocurrency.

UK BoE Carney Is Open to Central Bank Issued Cryptocurrency

As per a number of online reports, Mr. Carney has acknowledged the positivity in relation to the idea of central bank issued digital currency. However, at the same time, he has also stressed that this initiative is not anywhere close to the realization. He has also added that digital currencies are not able to perform the role of money.

Many market watchers still see the latest remarks of Mr. Carney as a softening stance in relation to the crypto area. It is known that previously, he has been quite critical in regards to the crypto market.

Frequently, he has been highlighting the “huge amount” of illegal activity that is carried out with the help of cryptocurrencies. In the meantime, he has also admitted that digital currencies do not pose a threat to the financial stability of a region.

BoE digital currency is “not imminent”

In his latest comments, Mr. Carney has also stated that BoE digital currency is “not imminent”. This appears as an opposing statement in relation to the stance of the UK central bank at the beginning of the year. That time, the Bank of England has dismissed that it considers issuing its own digital currency.

Market experts also state that they see a chance of the UK BoE further softening the stance in regards to the crypto market. The UK’s Department of Finance has presented a task force that is looking into the risks and benefits of digital currencies.

The nation has also developed a financial technology strategy that includes a point of a joint work with Australia. The UK plans to collaborate with Australia in terms of drafting policies on the regulation of digital currencies and Blockchain technology.

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