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Briefing
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- Bank of England proposal – Suggests central banks explore possibility of introducing cryptocurrencies, claiming it could boost economy by 3%
- Digital currency benefits – Reduce real interest rates, taxes and transaction costs, and enable policy makers to maintain financial stability, allowing them to control amount of money being released as well as interest rate changes and quantitative easing policies
- Developed world banks – Consider shift to digital currencies where money is stored and flow through digital wallets than bank accounts
- Competition with traditional banking – Digital currencies may affect deposits in commercial banks as they will be seen as cheaper and safer alternative
- Regulation unrest – Can draw criticism from Bitcoin supporters who tend to favor decentralized and unregulated currency
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Accelerator
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Sector
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Financial Services, Government (excluding military)
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Organization
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Bank of Canada, Bank of England
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Source
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Original Publication Date
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July 20, 2016
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