A 0.3 % appreciation in the value of the British pound gave a boost to the British currency to place it above the euro.

The British pound stood at 82.50 pence per euro, a rebound that had not been seen since April 2022. The increase comes amid expectations that the Bank of England (BOE) “will be less aggressive in interest rate cuts compared to the European Central Bank (ECB)”.

On Tuesday, December 10, the pound appreciated by up to 0.3 %, while government bonds, known as gilts, fell, “with 10-year bond yields climbing to 4.33 %,” a high not seen since November 28, 2022.

“Looking ahead to 2025, interest rate differentials between the UK and the euro area are expected to widen. Swap rates indicate an easing of 80 basis points by the BOE and approximately 125 basis points by the ECB.”

M.Pino

Source: investing

(Reference image source: Toa Heftiba on Unsplash)

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La entrada British pound hits highest price in more than two years against euro apareció primero en Bitfinance.

This Tuesday, in the presence of King Charles III, the new 5, 10, 20 and 50 pound banknotes with the image of the monarch were presented in public, which will begin to circulate on June 5.

King Charles III received the first banknotes at Buckingham Palace, which were presented by the governor of the Bank of England, Andrew Bailey, accompanied by the entity’s executive director of banking, Sarah John.

As will be remembered, after the death of Queen Elizabeth II, “the first monarch of this country to appear on a banknote issued by the bank, in 1960”, it was necessary to change the image printed on the banknotes.

The event where the King received the executives of the Bank of England is his first public appearance “since the Easter Mass on March 31, which was his first major event after learning that he has cancer.”

M.Pino

Source: bancaynegocios

(Main image source: @descifradocom, X)

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Bank of England Governor Andrew Bailey gave a speech on July 10, addressing various topics, from the central bank’s efforts to control inflation and maintain confidence in financial institutions, to his views on cryptocurrencies. Bailey expressed his opinion that cryptocurrencies cannot be considered as money, in contrast to his preference to improve existing digital money.

Bailey noted that recent bank failures in the United States and Switzerland highlighted challenges related to the uniqueness of money and the finality of the liquidation. According to him, both cryptocurrencies and stablecoins do not meet the basic requirements of uniqueness and settlement purpose, although he did not provide further details on the matter.

Instead of focusing on cryptocurrencies and stablecoins, Bailey proposed improving existing digital money, which is currently stored in computer systems. According to him, it is possible to convert it into a monetary unit that allows the inclusion of numerous executable actions, such as smart contracts.

In addition, he mentioned that a central bank-issued digital currency (CBDC) could be a way to improve digital money. Bailey said he sees no reason why enhanced digital money should be the preserve of central banks. However, he highlighted the clear advantages of CBDCs, especially in terms of promoting the uniqueness of money and ensuring that the public always has the option of using fully functional central bank money in their daily lives.

Although Bailey expressed his support for retail CBDCs, he had a different take on wholesale CBDCs. The Bank of England has just upgraded their real-time gross settlement system, which Bailey says puts them in a strong position to offer solutions that integrate central bank digital money into the system with tokenized transactions. This is considered the fastest and most efficient route. However, he clarified that there are no plans to create a wholesale CBDC. Bailey concluded his speech by stating that cash will continue to be an integral part of the monetary system.

K. Tovar

Source: Cointelegraph

(Reference image source: Unsplash+)

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La entrada Bank of England Governor advocates improving digital money apareció primero en Bitfinance.

The appeal introduced by the Venezuelan government to recover the gold deposited in the Bank of England was rejected this Friday by judges Sarah Falk, Stephen Males and Stephen Phillips of the London court of appeals.

“The Venezuelan gold reserves that have been claimed amount to a value of US$ 1,950 million (about 1,780 million euros), in addition to another US$ 120 million (109 million euros) more coming from an exchange with the German entity Deutsche Bank”.

The Central Bank of Venezuela filed the appeal to request the release and return of the gold before Juan Guaidó was removed as the alleged “interim president” of the country.

The British Commercial Court has not yet made a decision on this new political and economic reality in Venezuela. For their part, authorities in the South American country could be preparing a subsequent appeal in order to recover the gold retained in the Bank of England.

The process of lawsuits, appeals and other complications in the case of the gold that was awarded at the time to Guaidó has taken three years.

M.Pino

Source: americaeconomia

(Reference image source: Unsplash, in collaboration with Planet Volumes)

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La entrada Venezuela’s appeal in gold case rejected by London court apareció primero en Bitfinance.

Bank of England director of fintech Tom Hutton recently spoke about the UK’s plans to implement a central bank digital currency (CBDC) during the Cryptocurrency and Digital Assets Summit hosted by the FinancialTimes in London.

According to a report, Hutton’s talk focused on the issues of privacy and anonymity, which he says are at odds with the Bank of England’s stance on digital currency.

Hutton described the UK’s plans to create a digital sterling as feasible only if the highest privacy standards are upheld. Furthermore, he explained that this type of product was never intended to provide anonymity:

Alluding to concerns that cryptocurrencies could be used for criminal activity, although experts estimate that this represents only 0.10-0.15 % of all cryptocurrency use, Hutton also mentioned that anonymity is a policy issue. public and something that should not be allowed to continue.

In other comments, he explained that the digital pound would not be compatible with cryptocurrencies, since the latter do not fulfill any of the functions of money. These remarks come less than a month after Bank of England Deputy Governor Sir John Cunliffe spoke at the Innovative Finance Global Summit in London.

K. Tovar

Source: Cointelegraph

(Reference image source: Robert Bye, Unsplash)

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La entrada The Bank of England highlights the importance of digital currencies apareció primero en Bitfinance.

The Bank of England (BoE) is studying a new set of regulations that includes limiting payments made using stablecoins.

According to statements this Monday by the entity’s lieutenant governor, Jon Cunliffe, during the annual Innovate Finance conference, “the need to regulate digital assets amid an accelerated trend towards digitalization in the financial field” has been raised.

In his speech, Cunliffe highlighted the benefits of technological advances in the financial area, but also warned about the need for strict and clear regulations regarding payments in digital currencies and risk reduction.

Referring to blockchain, cryptocurrency, tokenization, and smart contracts, among others, the BoE deputy governor, stablecoins should “meet the same standards that apply to traditional banking entities.”

The proposal to limit payments made with stablecoins comes to the fore amid discussion by the UK Parliament on “the Financial Services and Markets Bill, which will help regulators set rules for cryptocurrencies and incorporate stablecoins into existing payment legislation.”

Cunliffe highlighted the importance of a tokenized banking system, adding: “This will allow both banks and non-banks wishing to develop payment solutions using new technologies to clearly understand what is possible and what is required in the respective regulatory regimes.”

M.Pino

Source: diariobitcoin

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La entrada Bank of England studies imposing limits on payments with stablecoins apareció primero en Bitfinance.

The Bank of England expressed its belief that the digital pound can coexist with private stablecoins. The Bank reportedly indicated that the digital pound could be supplemented with private stablecoins in a digital payment system.

In an interview, Bank of England Governor Andrew Bailey said the currency could help improve efficiency and security in the financial system. He added that the Bank is working on creating a more accessible digital payment system for everyone.

The Bank of England has been investigating the creation of a digital pound since 2019, with the aim of maintaining its role as a leader in financial innovation. The institution also spoke about the importance of having an adequate regulatory approach to guarantee the safety and protection of consumers.

Private stablecoins, on the other hand, are cryptocurrencies that are backed by real assets, such as gold or fiat currency. These digital currencies have gained popularity in recent years due to their stability and the possibility of faster and more secure transactions.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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La entrada Bank of England believes digital pound can coexist with private stablecoins apareció primero en Bitfinance.

The Brexit balances the financial scenario of the United Kingdom once again due to its effects, according to the Bank of England, in the accelerated increase in inflation.

According to recent estimates by Swati Dhingra, a member of the Bank of England’s Monetary Policy Committee, the United Kingdom’s departure from the European Union has been the main cause of the increase in the prices of all goods and services.

But the effect of Brexit does not stop there. Well, according to Dhingra, it also has a high incidence in a drop in wages compared to “other advanced economies.”

Dhingra said on Wednesday: “It is undeniable that we are seeing a much greater slowdown in trade in the UK, compared to the rest of the world,” during his speech in the House of Commons Treasury committee.

The economist stressed that Brexit has pushed workers’ wages to be 2.6 % below what they could have been; At the same time, it has generated an increase in the price of food of 6 %.

For its part, the National Statistics Office (NSO) pointed out that the “consumer price index (CPI) of the United Kingdom stood at 11.1 % in October, compared to 10.1 % in September”, with what which reach “the highest level in 41 years”.

M.Pino

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Source: DW

La entrada Impact of Brexit on UK inflation apareció primero en Bitfinance.

The Bank of England (BoE) raised the country’s interest rates to 2.25 %, which is equivalent to an increase of 50 basis points, according to the entity’s Monetary Policy Committee.

The British central bank’s decision comes just one day after the Federal Reserve decided to raise the country’s interest rates by 75 basis points, to their highest level since 2008, and the same day the Swiss National Bank abandoned negative rates. after eight years.

The body has not adopted this decision unanimously. Five members voted in favor of the 50-point increase, while three others would have preferred a 75-point increase and one was in favor of a 25-point increase.

Instead, the central bankers did decide by consensus to reduce the balance of public debt acquired by the entity by 80,000 million pounds over the next 12 months, to a total of 758,000 million.

The Bank of England has indicated that, despite government measures to curb the price of energy bills, these will remain high and inflation will still be above 10% for several months.

K. Tovar

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Source: Swissinfo

La entrada Bank of England raises interest rates apareció primero en Bitfinance.

The Monetary Policy Committee of the Bank of England decided to increase, for the third consecutive time, the reference interest rate for operations by 25 basis points, going to 0.75 %. The decision was approved with votes in favor against one who preferred to keep the price of money at the previous rate of 0.5 %.

In this way, the monetary organization responds to the perspective on inflationary pressures in the world in the coming months and to the probability that “growth in net energy importing economies, such as the United Kingdom” will be reduced.

The financial entity communicated the decision a day after the United States Federal Reserve began the period of “normalization with a rise of 25 basis points, up to a target range of between 0.25 % and 0.50 %”.

For the decision making, the Bank of England carried out an analysis of the global environment taking into account the invasion that Russia carried out in Ukraine, a fact that has essentially stimulated the rise in inflation, as a consequence of the increase in the prices of “energy and other basic products, including food. As well as the strong probabilities of a disruption in the global supply chain, significantly raising the uncertainty surrounding the economic outlook.

Monetary policy tightening

An analysis of economic activity during 2022 in the United Kingdom shows that the month of January GDP was stronger than estimated, in addition to solid business confidence and the labor market. Consumer hope has declined on the back of shrinking real disposable incomes, which they believe will be larger than expected, consistent with a weaker outlook for growth and employment.

According to the information issued by the entity, “the economy has recently been subject to a succession of very large shocks. Russia’s invasion of Ukraine is another such shock, warning that these are events that monetary policy cannot prevent.”

That is why the Committee is studying applying a moderate additional tightening of monetary policy for the coming months, although it admits that the risks will depend on the evolution of inflation in the medium term.

“The Committee will review these developments in light of incoming data and their implications for inflation over the medium term, including the economic implications of recent geopolitical events,” it said.

M. Rodríguez

Source: eldiario.es

La entrada Bank of England raises rates a quarter point apareció primero en Bitfinance.