According to a new report, the Bank of England is currently considering a bank-based digital currency to potentially increase the gross domestic product in the European Union.The report states:
“A central bank issued ‘bitcoin’ would help policy-makers control the amount of money in the economy which is not possible at the moment as commercial banks create money by using deposits as loans, thus increasing the money supply.”
It further explains that the currency could potentially boost such economic output by about three percent. Genesis Mining executive Marco Streng says:
“The key benefit is decentralization… The best scenario is where people would not necessarily need to trust the government. They would just need to trust the blockchain.”
