UK-based Blockchain Company Proposes CBDC Operating System to BoE

The economic effects of the COVID-19 pandemic have driven discussions regarding the digitalization of economy with central bank digital currencies. This led a blockchain company in the United Kingdom to propose a central bank-issued digital currency (CDBC) system to the Bank of England. The company known as L3COS proposed an operating system based on blockchain for a CBDC to the Bank of England (BoE). According to the company, the proposal represents a response to the BoE’s consultation document released three months ago. The…

Is The BoE Issuance of Discussion Paper A Pointer to CBDC Adoption?

The U.K.’s central bank, the Bank of England (BoE) yesterday officially issued a discussion paper on Central Bank Digital Currency (CBDC). In the 57 page document, the bank outlined a model CBDC. According to the bank, it's CBDC would be an electronic form of central bank currency designed to store value and facilitate transactions between individuals and businesses. New Opportunities in Finance The BoE contends that CBDCs could open several opportunities in finance, including the realisation of a sturdy payments…

The Incoming Bank of England Governor Hints Investors Could Lose All Their Bitcoin

A stern warning by the incoming governor of the Bank of England, Andrew Bailey, has been issued against investing in Bitcoin. In a 4th March 2020 Address to the UK's members of parliament, Bailey said that Bitcoin lacks any intrinsic value. Anyone investing in Bitcoin must thus be prepared to lose all their funds. He chipped at the failure of Bitcoin to live up to its expectation of widespread adoption. The incoming governor starts his duty as the new head…

Crypto Adoption May End Bank Credit Issuance, BoE Official Warns

The deputy governor for the Bank of England (BoE), Jon Cuncliffe, warned that the crypto economy’s exponential growth might weaken or end bank credit issuance. Cuncliffe pointed out this while delivering a speech at the London School of Economics on the 28th of February. Cuncliffe stated that BoE’s role is to ensure that the UK’s money works safely and reliably. The BoE official predicted that the integration of stablecoins on social media platforms, including the Libra project, could result in…