News
The Bank for International Settlements has published the fifth paper by the group, highlighting its latest thinking on a potential retail CBDC.
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Bank of England News
The Bank of England is one of the main financial authorities and is the central bank of the United Kingdom. The Bank of England is the second-oldest bank in operation and the most influential of them, having served as a role model for other countries’ central banks. There are a lot of services provided by the Bank of England. For example, the Bank of England provides a quarterly inflation report that sums up all the results of monetary policies. The Bank of England is also in charge of economic growth forecasts and some other financial predictions and research. The Bank of England is the custodian of the gold reserves of the United Kingdom and the official gold reserves of around 30 other countries. The Bank of England is the banknote issuer of UK and has a contract with De La Rue plc. – an English banknote manufacturing company that prints all the modern banknotes of the UK.
- News
At a recent event, Tom Mutton, the Bank of England’s head of fintech, touted the privacy benefits of CBDCs while denouncing the anonymity of cryptocurrencies.
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The insights of Project Meridian would be used by the Bank of England in its real-time gross settlement system.
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BoE deputy governor Sir Jon Cunliffe looked at stablecoins, CBDC and other forms of tokenization taking hold in the modern economy in a speech on financial innovation.
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A Bitcoin-only policy organization in the United Kingdom seeks to steer a course for greater levels of BTC adoption.
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Currency swap lines have been used during times of crisis in the past, such as the 2008 global financial crisis and the 2020 coronavirus pandemic.
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Insider sources reportedly described the bonus pool as “modest,” adding that the stock held by senior execs had been “rendered worthless” following Silicon Valley Bank UK arm’s “near-collapse.”
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An emergency plan to rescue startups and tech companies affected by the Silicon Valley Bank collapse is underway in the United Kingdom.
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However, several UK venture capital firms have come out in support of the shuttered firm, stating it plays a "pivotal" role in supporting startups.
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BoE deputy governor Jon Cunliffe compared a potential digital pound with Apple’s iPhone app store as it could “open a new frontier for people to improve payments.”
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The Bank of England Prudential Regulatory Authority will facilitate international economic growth under the Financial Services and Markets bill now in Parliament.
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The Bank of England’s plans for a CBDC launch raise concern among U.K. Tax Reform Council and the broader Bitcoin community.
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The central bank wants an e-GBP to be retail-focused and could form part of a “mixed payments economy” alongside cryptocurrency stablecoins.
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Finance minister Jeremy Hunt says the digital pound, or “Britcoin,” would be issued and backed by the Bank of England, but it won’t negate the use of cash.
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The digital pound roadmap is reportedly set to be introduced next week, along with a joint public consultation.
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