RATE Group | Bank of England bitcoin rival would “strengthen” effects of monetary policy changes
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Bank of England bitcoin rival would “strengthen” effects of monetary policy changes

30 May Bank of England bitcoin rival would “strengthen” effects of monetary policy changes

Posted at 16:52h in Bitcoin News by

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A central bank-run digital currency to rival cryptocurrencies such bitcoin and ethereum could make monetary policy changes a more effective tool, according to Bank of England research.

The Bank has recently released a flurry of research weighing the potential risks and benefits of central bank digital currency (CBDC), with the potential to revolutionise monetary policy.

“A CBDC that is a close – but not perfect – substitute for bank deposits may strengthen the transmission of monetary policy changes to the real economy”, according to a blog post published today by Bank researchers Jack Meaning and Ben Dyson summarising recent research.

Read more: BoE economists make “material step forward” in central bank crypto debate

The Bank says it is not currently planning to issue its own digital currency, which Sweden’s Riksbank is…

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