The United Kingdom is assessing the launch of its cryptocurrency to compete with Bitcoin

The United Kingdom is assessing the launch of its cryptocurrency to compete with Bitcoin

On Monday (19 April 2021) the UK Treasury announced that it plans to launch its own digital currency. According to the folder, digital currency will not replace “traditional” money.

Studies are being carried out with the Bank of England (the central bank of the United Kingdom). The joint effort seeks to bring the country into the superpower race in the digital financial market. Follow the th bubble Bitcoin is the main cryptocurrency today.

Here it is All Bank account statement (105 KB).

The British have yet to decide whether to launch a digital version of the pound sterling or develop a new currency. According to BC, the goal is to create a “A new form of digital money issued by the Bank of England and used by families and companies”.

Westminster also announced that the foundation will have a specialized division of CBDC (in Portuguese, central bank digital currencies). Government House said the department’s goal was to draw maps Objectives, Use Cases, Opportunities and Risks Digital currency.

London is relying on the Bitcoin price gauge to move forward with the project. Last week, the cryptocurrency broke a record value, quoted at $ 64,829 (360,000 Brazilian Real). On the other hand, the volatility is much higher than that of traditional currencies. An example of this is the recent devaluation of Bitcoin due to potential regulation.

China withdraws the waiting list; The European Union is crawling

China, which keeps a close eye on cryptocurrencies. The Chinese central bank is conducting many tests for its digital currency, and it is already in an advanced stage in some provinces. At the Asian giant, the strategy is to develop the digital yuan. The goal is to make them available to foreign tourists during the 2022 Winter Olympics in Beijing.

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In March this year, the Chinese central bank submitted a proposal to regulate digital currencies to the central bank. He suggested guidelines such as monitoring, interoperability and information exchange between federal financial institutions.

Beijing aims to expose the falsehood of the dollar as the common currency of global trade, thereby reducing the US financial impact on the financial market.

In Europe, the European Central Bank is moving at a slower pace, but it also wants to strengthen the euro digitally. The common eurozone bank expects to launch its digital currency within 5 years. The main obstacle is Germany, the largest economy in the European Union. The Bundesbank believes that the digital blockchain could harm European national institutions.

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About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

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