Bank Of England Drops Plans For Its Own Cryptocurrency


Via CCN, Lester Coleman writes on the Bank of England's decision not to launch its own cryptocurrency. From the article:

"The Bank of England has decided it will not launch its own cryptocurrency due to its possible impact on the financial system, according to FT Advisor. The bank began researching cryptocurrencies in 2015 and was considering launching its own cryptocurrency.

The bank continues to research cryptocurrencies, but it has decided that having its own such currency could have negative ramifications on traditional banks. The bank believes that consumers would choose its cryptocurrency over paper money and would stop using commercial bank accounts as well as paper money."

For more information on the bank's decision and perspective on cryptocurrencies, read the full article: