A recent survey by the Bank for International Settlements showed that, out of 66 central banks worldwide, as many as 52 had considered creating their own digital currency. Such arguments are voiced especially loudly by those who see post-Brexit Britain’s future as a leader in financial technology.
Interestingly, the statement from the UK Treasury appeared almost immediately after China announced that it was expanding pilot projects for the digital yuan to more cities.
China is the country that has come closest to launching a state-backed cryptocurrency. As many as 200,000 people are taking part in Beijing’s pilot project. It is important for London and other countries to offer their own alternative to the Middle Kingdom’s cryptocurrency. If they fail to do so now, technology giants such as Amazon or Facebook will enter the market.
When launching electronic currencies, they are unlikely to consult much with any central bank or take state interests into account.
Now the matter is in the hands of the special commission appointed by the Treasury. In the near future, a group of British experts will have to prepare a report for the ministry outlining the advantages and disadvantages of Britcoin.
I very much hope that the Central Bank of Russia will not rush on this issue (the idea of creating its own digital currency). At the very least, our bankers seem to have already realized that the digital ruble certainly promises them nothing good.
