The Bank of England has reportedly set up a team to investigate further about the possibilities of introducing a national cryptocurrency in 2018. The Telegraph newspaper reported that the Bank of England established a special research unit in February 2015 in order to study the issue of introduction of a pound-linked cryptocurrency.
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It could even allow UK citizens to use the Bank of England to keep their money in digital form, rather than going via a retail bank.This, in turn, could allow people to complete major sales and purchases, such as buying a car or a house, in a matter of seconds.
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First came Estonia with their cryptocurrency then the Venezuelan Finance ministry announced their interest to come up with a state sponsored cryptocurrency and the governments of Israel, Singapore and Sweden are looking up this possibility as well. With no need for a central intermediary to facilitate and track transactions, consumers holding central bank-issued cryptocurrency could open accounts at any bank, including the central bank.
With the benefits offered by Block chain many countries might experiment or come up with their own digital currency. I think the future is looking bright for the Crypto community, Please leave your views on this issue down below.
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