China’s digital yuan currency will be displayed on mobile phones in Yichang, Hubei Province, China on February 22, 2021.
Don’t expect the central bank to issue its own digital currency soon — that was a message from the Bank of England this week.
The British Central Bank on Tuesday Central Bank Digital Currency Survey, Or the CBDC will move to a consultation phase scheduled for next year.
But even if it decides to promote a proposed digital currency called “Britcoin,” it is unlikely that it will arrive until at least 2025, BOE said. Still, it only turns out to be “operationally and technically robust.”
Anne Boden, CEO of London-based digital bank Starling, said an important question that hasn’t been answered yet is the problem Bricotin is trying to solve.Bowden Some industry executives British officials will provide information when investigating the CBDC.
“Everything we do in this area needs to solve a real problem,” Bowden told CNBC last week. “In order to provide real value, it needs to be captured and must be ubiquitous.”
Increasing interest in Bitcoin and other cryptocurrencies Rekindled central bank ambitions Recently, we are developing our own digital currency.
But so far, most CBDC projects have been sluggish. Sweden, Early stages of the CBDC gameHe says he hopes to get a digital version of the krona by 2026.
On the other hand, in China, the central bank Advance with your own CBDC projectDeploys a virtual version of RMB in trials in several states. According to experts, the People’s Bank of China is likely to be the first to fully launch the CBDC.
However, PBOC digital sources have many problems that make them unattractive in Western countries. Critics say it is too centralized and can be used to boost government oversight. This is because, unlike cash, people’s digital transactions can be tracked online.