Britain studied the feasibility of ‘Britcoin’

Britain studied the feasibility of 'Britcoin'

Money has played a fundamental role in society for many centuries, but everything changes, and money is no exception. The future is digital and this week, the UK has taken a step in that direction, with the government asking the Bank of England to explore Briton’s viability: a British cryptocurrency that will work in tandem with traditional funds.

Hayden Jones is a cryptocurrency expert and explained to illustrate the difference between the two:

“Both will be validated by property insured by the Bank of England. With notes, the value is guaranteed by bonds, in the case of digital currencies the guarantee will also be given by an instrument of the Central Bank. The difference is that of five One note we can’t do in digital terms. With a digital version we can add payment terms, for example, I can make payments conditional and rely on doing nothing in return. “

The British initiative is far from unique. Last year, the Bahamas became the first country to launch its own cryptocurrency, and more than six dozen central banks, including the European Central Bank, are currently studying a version of their digital money, allowing people to save money directly to your computer or mobile phone. Will give. .

Bitcoin was a leader in such operations and if it is true that many people have already made a fortune from this cryptocurrency, then it is no less true that skepticism remains. In the case of national cryptocurrency, with an aggressive factor.

A cryptocurrency expert, Nick Carter, warned that “the worst scenario would be something like this happens in China, a cryptocurrency that is fully monitored and will be used to control decisions that people make, His purchase, which is in practice. His life

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Despite the doubt, it is certain that cryptocurrency is here to stay. Money will not fall from the sky, but it may well originate on a computer near you.

About the author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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