Bank of England Monetary Policy Advisor Feels Bitcoin Has Flaws

The Bank of England is playing a very strange game right now. The institution is keen on issuing its own national virtual currency. However, they are still no fan of Bitcoin, as they feel the currency is ‘peppered with flaws.’ Such a statement is not entirely surprising, though, as no banks have a vested interest in embracing a digital currency they cannot control.
Interestingly enough, a representative of the Bank of England has announced the UK will not adopt a central digital currency anytime soon. While Bitcoin is not centralized by any means, this could indicate they will not go ahead with their plans to issue BritCoin either. At the same time, the financial institution remains a big fan of blockchain technology, as it can make central banking more efficient.
Bank of England Thinks Bitcoin is Flawed
A meeting took place between the Bank of England and the House of Lords yesterday. On the agenda was the topic of issuing a national virtual currency using distributed ledger technology. Research had to be done to determine how such a project would impact commercial banks and other aspects of finance.

This post was published at NewsBTC on 2:30 pm July 20, 201.