Bank of England has no plans to launch cryptocurrency

posted 6 months ago
The Bank of England has dropped plans to launch its own digital currency amid concerns about its impact on the financial system.

The U.K.'s central bank told FTAdviser that it has "no current plans" to launch its own cryptocurrency, but will continue to research the topic.

The BoE indicated it dropped the plans over concerns that the public might stop using commercial bank accounts and move on to BoE's digital payments system for transactions and purchase of goods. A mass move to the BoE cryptocurrency might lead to commercial banks running out of cash to lend, causing "turbulence" in the economy, it said.
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