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The Bank of England reopens the possibility of a cryptocurrency in the bank

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The Bank of England has not closed the door on a cryptocurrency issued by the central bank, despite the announcement of a decision earlier this year

Mark Carney, the governor of the Bank of England, speaking on a panel in Stockholm on the future of central banks, said he would consider a digital currency issued by the central bank But that's not an urgent concern, according to Bloomberg. He reiterated earlier statements that crypto – currencies do not act like money at the moment.

The impact on the financial system worries

Earlier this year, the bank said it would not launch cryptocurrency issued by a bank because of possible ramifications on the financial system. The bank, which began exploring cryptocurrency in 2015, finally decided that consumers would choose cryptocurrency and shut down their commercial bank accounts, wreaking havoc on the financial system.

The bank also feared losing the ability to use its interest rate policy to maintain its financial stability if it introduced a bank-controlled cryptocurrency.

Read also: Bank of England abandons its plans for its own cryptocurrency, fearing instability

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The Bank of England pursues blockchain technology

Carney nevertheless noted at the time that there were benefits to deploying blockchain technology for the central bank. He said that it brings financial stability and saves a lot of computational energy production.

In April, the BoE released a conceptual proof analyzing ways to allow customers to share information in a secure network. The bank hired Chainchain, a blockchain service provider, to develop a solution.

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The bank said that network-wide data maintenance and user privacy improvement were in a preliminary phase, but the possibility of achieving these goals still exists .

In 2016, the bank began teaming up with financial technology companies and launched its "Fintech Accelerator" program. In the past, he has worked with Ripple, BitSight, PwC, Enforcd and MindBridge Analytics Inc.

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