The British Central Bank is considering the introduction of a crypto pound as a national cryptocurrency. At the same time, the option of a crypto-ruble in Russia is once again put on the table by the President of the Republic. Thus, the two countries are not the only ones pursuing the plan of a national, state-controlled cryptocurrency.
The Bank of England (BoE) has set up a research team to focus on the possibility of issuing a national cryptocurrency bond to the British pound sterling. According to the British daily Telegraph , it could come to first results this year already. The time window in which the team is to report to the central bank is set to 12 months.
The benefits of such a crypto-pound include the ability to deposit its digital money directly with the central bank, as well as carrying out larger transactions almost in real time. For British citizens, supplementing their own fiat currency with a cryptocurrency tied to their value would make payment transactions much easier.
Russia would also like to take advantage of these advantages. After reporting by the Financial Times , President Vladimir Putin has ordered from the top down a deeper debate on the topic of national cryptocurrency. At the end of the investigation, the development of the crypto-ruble could optimally stand.
In addition to the above-mentioned advantages of a separate, controlled by the central bank cryptocurrency above all the economic and geopolitical situation of Russia in Putin's consideration plays a role. Thus, controlling one's own cryptocurrency can help the country circumvent the sanctions imposed by the West. The crypto-ruble, which has already been discussed in detail in the past , would be equivalent to the Fiat ruble.
The news of the two countries struggling to develop their own national cryptocurrency comes at the same time as the announcement of the petro-dollar, a crude oil-covered cryptocurrency for Venezuela . However, with the introduction of a digital currency for his country, President Maduro is pursuing another goal: combating the hyperinflation of the country's own fiat currency.