A new cryptocurrency is being set up ready for release in the UK just next year. It has been claimed that this could transform the banking industry in Britain as we know it, and could possibly be the end for high street banks.
The new currency, of which we are yet to know the name could allow the citizens of the United Kingdom to keep all of their money in digital form, as opposed to going to a traditional retail bank. This could completely transform the way in which people make their purchases, and could allow people to complete major sales and purchases, such as purchasing a car and a house in just a matter of seconds. This is something that can sometimes take months to complete.
Back in February 2015, a research unit was set up at the Bank of England to look into the possibility of introducing a sterling linked cryptocurrency, and it is the results of this research that we are expected to hear the results of within the next twelve months.
Anyone who is interested in cryptocurrencies, will know that the value of Bitcoin dramatically rose, which has renewed peoples interest in virtual currencies in general, and ones that are linked to national central banks.
In early 2017, Bitcoin was worth just Â£720, but in mid-December, hit almost Â£15,000. Although the value has dropped back to Â£10,700, due to the volatile nature of the coin, but the increase in popularity has only added pressure on the Bank of England to introduce its own digital currency.
It is worth noting that any digital currency that is introduced by the Bank of England would be linked to sterling, and, because of this, it will far less volatile than Bitcoin, and any other virtual currencies.