The future of money: CBDCs and crypto in perfect harmony

State support of Bitcoin could pique public interest

clock • 4 min read
Anton Chashchin of CEX.IO’ to CEX.IO Prime Trading

Anton Chashchin of CEX.IO’ to CEX.IO Prime Trading

In recent years, the Bank of England (BoE) has pondered the idea of adopting a central bank-issued digital currency (CBDC). But after the People's Bank of China gave the green light for its digital currency, dubbed e-CNY, to be tested in four cities back in 2019, the race was on for other global governments to catch up.

This April, the BoE announced the launch of a taskforce to explore its practicalities and the feasibility of its implementation. Should this taskforce lead to an eventual adoption of a digital pound, wider adoption of cryptocurrencies among a broader range of investors will almost certainly follow. Once the Government begins to issue money digitally, a whole new pool of traditional investors, including high net-worths and institutions, will naturally adapt their view of digital assets and increasingly consider cryptos as a viable form of money. Eventually, Government-level endorsem...

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