The apex Bank of England, also known as the BOE, has asserted that the utilization of digital currencies and other emerging technologies may give rise to a variety of alluring new prospects for firms and organizations.
Ben Broadbent, deputy governor of the banking system, claims that the UK central bank is “keenly attentive” to any potential regulatory repercussions of new payment technologies.
“The experience of digitalization so far is that new goods and services enabled by new technologies may be adopted very swiftly at scale,” Ben Broadbent said at the Bank of England conference on Monday. Consequently, it would seem that Ben embraces digital money and understands its potential.
Looking forward, he was worried about the most recent opportunities for monetary institutions, companies, and people. “We would expect to see ongoing progress,” he said, “predictions in friction and cost of payment.”
According to Bloomberg, the Bank of England (BOE) and the UK Treasury are looking into the viability of Britcoin, a kind of virtual currency that would operate similarly to cryptocurrencies like Bitcoin but be backed by central bank reserves.
Compiled by Coinbold