Bank of England 'Central Bank Digital Currency' Discussion Paper - better with bitcoin?
The BofE has released this paper detailing their requirements (of sorts) for a Central Bank Digital Currency (CBDC) that operates as a complement to physical banknotes. They are at pains to stress this is not a cryptocurrency. "Although the term CBDC includes the words ‘digital currency’, CBDC would be something fundamentally different to ‘cryptocurrencies’ (or ‘cryptoassets’), such as Bitcoin." Do they know what they want? Surely this would be best built on the bitcoin blockchain? Will any reputable developer respond with a non-blockchain solution? Why would anyone not use the bitcoin protocol to create some kind of smart contract to meet their needs for example? All the manipulation and inflationary rules they ever want could be written in? Sure, it won't 'beat' bitcoin then but it would be a better solution :D https://www.bankofengland.co.uk/-/media/boe/files/pape2020/central-bank-digital-currency-opportunities-challenges-and-design.pdf?la=en
Bitcoin's intrinsic value has been heavily discussed in the crypto community this week following a remark by the governor of the Bank of England suggesting that the cryptocurrency may have no ... Bank of England Governor, Andrew Bailey, has yet again dismissed the premium cryptocurrency, Bitcoin. He stated that he found it hard to see how Bitcoin had any intrinsic value. On Monday, the Bank of England held a question and answer session with members of the public, during which Governor Bailey made a statement: I have […] Although Bitcoin as a new potential global means of payment does not pose a direct threat according to ECB boss Christine Lagarde, the world’s largest cryptocurrency is often the focus of important discussions. The Governor of the Bank of England, Andrew Bailey, announced in a public Q+A session that in his opinion Bitcoin has no intrinsic value and the extrinsic value only arises because ... The governor of the Bank of England said today that he found it difficult to consider Bitcoin as a payment method.. The British central bank’s governor, Andrew Bailey, said at a public Q+A session today, “it is hard to see that Bitcoin has what we tend to call intrinsic value,” adding, “It may have extrinsic value in the sense that people want it,” reported Reuters. In a panel discussion with the Brooking Institution, Governor of the Bank of England, Andrew Bailey said that stablecoins, Bitcoin, and other cryptocurrencies are difficult and unsuitable for the public to use for traditional payments as he believed that the majority of the retail public still does not understand the usage of digital currencies.
Bank Of England: NO to Bitcoin YES to XRP - YouTube
Bank of England could issue its own Bitcoin-style currency within a year cutting out the need for high street banks.The Bank of England could approve its own... Bank Of England Thinks Cross Border Payments Cost Too Much. XRP The Answer Alex Cobb. Loading... Unsubscribe from Alex Cobb? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 40.5K ... Skip navigation Sign in. Search source was published unlisted on September 3rd https://www.youtube.com/watch?v=S75414_wQe0 During a virtual conference hosted by the Brookings Institute, Andrew Bailey, Bank of England’s (BoE) governor, stressed that crypto assets are just “unsuite...