• Home
  • Login
  • Register
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
SUBSCRIBE
No Result
View All Result
Currency Insider
  • Home
  • Reading Library
  • CBDC Think Tank
Currency Insider
No Result
View All Result

Bank of America Says ‘Britcoin’ Will Change Current Account And Endanger the Health of Commercial Banks

by CBDC Insider
January 19, 2022
in Business, Europe, US
Reading Time: 1min read
0
Bank of America Says ‘Britcoin’ Will Change Current Account And Endanger the Health of Commercial Banks
Share on FacebookShare on Twitter

The Bank of America does not think the Bank of England’s digital currency (CBDC) can only function as a form of digital currency, the Bank of England has said. The US financial institution says current accounts are more likely to be converted into “state cryptocurrencies” and that consumers will begin to save money.

The UK bank calls the potential CBDC “Britcoin” – essentially an alternative to cash. “Such construction is possible [no entanto] That would be 15 times more and could translate £ 440bn ($ 598bn) into current accounts and not £ 30bn in cash, “he wrote in a survey entitled” Digital Money in the UK “.

The Bank of England has not yet decided whether to create a digital libra. His most recent move was to establish two forums in September last year to discuss key issues surrounding the CBDC. The company said it could only introduce the digital currency in the second half of this decade.

RELATED STORIES

Russia’s Gazprombank Recommends Slow CBDC Rollout Fearing Loss of Income

Russia’s Gazprombank Recommends Slow CBDC Rollout Fearing Loss of Income

February 8, 2023
E-Rupee to be Piloted by 5 More Banks in 9 More Cities Soon

E-Rupee to be Piloted by 5 More Banks in 9 More Cities Soon

February 8, 2023

Bank of America has said that it will be more convenient to change the verification account for Britcoins as the consumer has only a small amount of money. This can be a worrying area for commercial banks. Current accounts are the lifeblood of their business models, and they provide consistent, long-term financing.

The Bank of America’s assumption that the Bank of England’s assumption that users will only be a substitute for the digital pound with their cash reserves is a risk to banks, “said Bank of America, citing concerns raised recently by the House of Lords’ Affairs Committee. A potential UK CBDC.

REad more

Previous Post

Iran to Reportedly Pilot Central Bank Digital Currency Soon

Next Post

‪Iran’s Central Bank to Launch National Cryptocurrency in a Pilot Phase in the Near Term

Next Post
‪Iran’s Central Bank to Launch National Cryptocurrency in a Pilot Phase in the Near Term

‪Iran’s Central Bank to Launch National Cryptocurrency in a Pilot Phase in the Near Term

© 2022 CBDC Insider

No Result
View All Result
  • Home
  • Map
  • Reading Library
  • CBDC Think Tank
  • Partners
    • DEA
  • Login
  • Register