25 Feb '15, 11pm

Bank of England praises Bitcoin and reveals investigation to issue digital currency

This means the bank is considering issuing its own digital currency or making use of the available technology in a similar way. “There are several different ways in which a central bank might make use of a digital currency. It could be used as a new way of undertaking interbank settlement, or it could be made available to a wider range of banks and NBFIs [non-bank financial institution]. In principle, it might also be made available to non-financial firms and individuals generally, as banknotes are today”, reads the analysis. Of course, extensive research would be necessary to adopt or develop the technology “without compromising a central bank’s ability to control its currency and secure the system against systemic attack” , the bank said. “Creating such a system would entail creating a protocol for value transfer over the internet, akin to what [Tim] Berners-Lee did for ...

Full article: http://bitcoinexaminer.org/bank-england-praises-bitcoin-i...

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