The Bank of England lowered the interest rates from 5.25% to 5% earlier today in the first cut since the start of the Covid-19 pandemic in March 2020. Consequently, the UK’s central bank has followed the example set by the ECB and the Bank of Canada earlier this summer, prompting questions about the Federal Reserve’s...Read More
On Feb. 7, the Bank of England and the HM Treasury department published a consultation paper on the “digital pound,” a UK central bank digital currency. It added that the CBDC would be subject to rigorous privacy and data protection standards. “It would be privacy-enhancing by design and would allow users to make choices about...Read More
Attempting to fight the raging inflation, the Bank of England raised the interest rates by 50 basis points today. BTC’s price remained stable, without any significant volatility, unlike what happened yesterday when the Fed did the same. The inflation rates in many countries skyrocketed in the past several months, and the UK is no exception....Read More
Bank of England Deputy Governor Jon Cunliffe became the latest person to juxtapose the dot-com bubble to the current cryptocurrency crash. BOE’s Take on Crypto Crash Cunliffe said he expects crypto technology and finance will continue to survive in the coming months. Amidst the incessant declines, the exec highlighted that crypto and its underlying tech...Read More
Varun Paul, former head of fintech at the Bank of England (BoE), has accepted the role of Central Bank Digital Currency (CBDC) and Market Infrastructure director at the digital asset security company, Fireblocks. Fireblocks Hires Former Bank of England Head In an official press release today, the firm noted that Paul’s vast experience working with...Read More
Varun Paul – Head of the Fintech Hub at the Bank of England – parted ways with the institution after spending more than 13 years there. He will take a role at the cryptocurrency security company Fireblocks. Onto the Next Chapter In a recent post on LinkedIn, Paul announced he will leave the Bank of...Read More
After bashing the cryptocurrency industry for years, the Bank of England has decided to go down the central bank digital currency path by collaborating with MIT. Thus, England’s central bank has become the second such institution to partner with the prominent university on the matter. BoE Joins Forces With MIT The announcement shared earlier this...Read More
The approach of the Bank of England to cryptocurrencies hasn’t been the most favorable, to say the least. Regardless, the central bank sketched out the first regulatory approach to crypto and set forth some deadlines. Banks Have Until June 3rd to Set Out Plans According to a recent Reuters report, the Bank of England started sketching the...Read More
The current frenzy in the crypto sphere has instigated arguments surrounding bitcoin’s capacity to replace fiat currency, and notable individuals in the conventional banking sector have recently expressed their opinions on the subject. Central Bank executives Weigh in on the Future of Crypto About two weeks ago, the president of the European Central Bank, Christine...Read More
In a panel discussion with the Brooking Institution, Governor of the Bank of England, Andrew Bailey said that stablecoins, Bitcoin, and other cryptocurrencies are difficult and unsuitable for the public to use for traditional payments as he believed that the majority of the retail public still does not understand the usage of digital currencies. According...Read More
The constant expansion of the coronavirus continues to harm the global economic markets. Monday’s severe stock sell-off pushed the UK to cut the interest rates, a week after the US did the same. As a result, Europe stocks are in the green as of writing these lines. Wall Street’s major indexes opened Wednesday’s trading in...Read More
Some major central banks, including that of Britain, Japan, and Sweden, have reportedly come together on cooperation towards cryptocurrencies. The organizations will share their experience in a dedicated group. Major Banks Come Together To Work On Cryptocurrencies Major central banks are stepping up on the matter of cryptocurrencies. According to a Reuters report, the banks...Read More
On Friday, the Bank of England’s governor made a comment that was music to the ears of Bitcoin and crypto proponents.BITCOIN IS THE FUTURE ?? pic.twitter.com/ITdKsG9HJ5— Pomp ? (@APompliano) August 23, 2019According to reports from Reuters and Bloomberg, Mark Carney dropped a bombshell on a group fo central bankers and press at a meeting in...Read More
Governor of the Bank of England Mark Carney put forward the idea of replacing the U.S. dollar with a central bank-issued cryptocurrency like Facebook’s Libra. Carney Proposes The Synthetic Hegemonic Currency On August 23, 2019, while addressing the Federal Reserve Symposium in Jackson Hole, Wyoming, Carney described how Brexit uncertainties, persistent world trade tensions, and...Read More
