Central Bankers Are Seriously Considering Digital Currencies
The Bank of England (BOE) is looking for ways to boost its economy after the carnage of Brexit, and experts are starting to consider digital currencies like bitcoin.
BOE economists said in a recent study that if central banks turned to digital currency, it could permanently boost the economy by 3%, while other experts say the figure is more like 10%, the Wall Street Journal reports. The central bank is contemplating cutting interest rates in August. Until then, rates remain at a record low of 0.5%, where they've been since March 2009.
One of the biggest advantages of electronic currency is that it offers a decentralized way to make payments without needing anyone, like banks, to stand in the middle, allowing households and businesses to bypass banks entirely. [WSJ]