Bank of England governor explains a UK backed Cryptocurrency could arrive in a few years time

• According to recent reports, the Bank of England is looking into creating a government-backed digital currency. 
• Andrew Bailey told his students that it was being reviewed and that the central bank is still trying to weigh up their options in regards to the matter. 

According to recent reports from Bloomberg, the Bank of England is looking into creating a government-backed digital currency. The governor of the Bank of England, Andrew Bailey made the information known in a recent webinar event where he told his students that it was being reviewed and that the central bank is still trying to weigh up their options in regards to the matter. 

Even though the idea is just in its initial stages, it could prove very valuable to the Bank of England if executed properly. Rumours are floating around the industry that we will most likely hear something from the bank before the end of the year on the regulatory frameworks that are being put into place for the digital currency. 

The governor said:

“We are looking at the question of, should we create a Bank of England digital currency, we’ll go on looking at it, as it does have huge implications on the nature of payments and society.”

So even though this news is very exciting for UK crypto enthusiasts, the Bank of England is still in its early stages with the decision and has seemingly not gone very far with it. With this, it is very clear as to whether they have taken the matter very seriously for the creation of a government-backed digital currency.

But not all hope is lost…

In a follow-up statement, Bailey cleared up the fog with his students saying that the digital currency could possibly come to fruition in a few year's time.

“I think in a few years’ time, we will be heading toward some sort of digital currency.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!