Cryptocurrency could replace the pound: but how and when?

WITH CRYPTOCURRENCY going from strength to strength, despite reports over bubbles bursting and markets crashing, many people are looking to the future.  

Bank of England boss Mark Carney has recently stated that the US dollar could lose its place as the global standard. The governor also claims that a single, digital currency may be a viable replacement.  Carney further stated that the dollar is under threat of technological issues. This, he argues, is why many people have turned to online transactions.

The governor’s words have created a debate in the financial world. Experts have claimed that cryptocurrency such as bitcoin and ethereum could overtake physical money in the future. While the same experts claim that we are many years away from this occurring, there are no signs of crypto disappearing any time soon.

The weaker pound

The British pound has fallen in value dramatically over the past few years. The currency’s market rate has dropped and risen thanks to…