BOE reiterates support for its own cryptocurrency
The director of the entity commented that although it would not be immediate, the movement would generate "safer means for electronic transfers"
Mark Caney, director of the Bank of England (BOE) recently issued a statement in which he reiterated his support for the idea of creating a cryptocurrency backed by the bank (CBDC).
During the Riksbank conference in Switzerland, Caney said that although it will not be immediate, he knows that the movement “will lead to an increase of the presence of the United Kingdom in the cryptocurrency community, as well as generate more secure means for electronic transfers with digital currencies”. However, he clarified that it is necessary to evaluate the current market and its performance.
Here part of his statements:
“A more disordered transition, or a final state materially different from our assumption, would have implications for monetary politics. Although the exact policy response can’t be predicted in advance, observers know from our track record that, in exceptional circumstances, we are both willing to tolerate some deviation of the inflation of the objectives during a limited period and that there are limits to that tolerance “.
At the moment, the director and other executives don’t foresee the cryptocurrencies as assets or financial equivalents of fiat money; however, this position could change in the coming months, depending on the movement of the country’s market, as well as the legislative framework, which remains under magnification due to recent political changes.
N. Moncada
Source: Coincrispy
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