Deputy BoE governor warns digital-style currencies could deny commercial banks crucial deposits and hinder their ability to lend moneyThe Bank of England (BoE) could become the hub of a bitcoin-style digital currency that sidelines tall-street banks and cuts the costs of financial transactions,according to a senior executive at the UK central bank.
Ben Broadbent, BoE deputy governor, or said a original system of holding cash in a banking version of the cloud,with encrypted keys to protect accounts, would likely prove a huge hit with customers, and denying commercial banks vital deposits and potentially hamper their ability to lend money. Related: The Guardian view on bitcoin: the ghost behind the machine | Editorial Related: The 'internet weirdos' of bitcoin are changing the way money works Continue reading...
Source: theguardian.com