Bank of England and Others Join Inaugural Bitcoin Forum

By
May 12, 2015

Bitcoin and its underlying block chain technology have made a consistent move forward in the world of finance and economics, gaining the respect of some largest players in the game. With Bitcoin continuing its growth, new education and brainstorming sessions are popping up everywhere, with some very interesting participants joining the discussions.

Bank of England Joins New Bitcoin Forum

This Thursday, The Social Media Leadership Forum is holding a new panel discussion on Bitcoin, block chain technology, and where the “disruption” of the current economic paradigm goes from here. Major financial institutions will be participating in the inaugural forum, including representatives from The Bank of England and the London School of Economics.

The Bank of England has had an interest in Bitcoin and its technology for quite a while. Last year, they published an extensive research paper on the value and technology of Bitcoin called “Innovations in Payment Technologies and the Emergence of Digital Currencies.” This was penned by Robleh Ali, John Barrdear, Roger Clews and James Southgate. The paper shows an appreciation for the capabilities of the currency and the protocol, but would not give Bitcoin much of a thought when it comes to future economic disruption.

“…digital currencies do not currently pose a material risk to monetary or financial stability in the United Kingdom, but it is conceivable that potential risks could develop over time. The distributed ledger is a genuine technological innovation that demonstrates that digital records can be held securely without any central authority.”

Also read: Bank of England Documents Show Financial Sector Understands Bitcoin

This stance is not surprising, as a centralized banking entity would have a vested interest in knocking down a decentralized, peer-to-peer network. However, they will join the panel and discuss their thoughts and views this Thursday 9AM at Allen and Overy in London, England.

Does Bank of England’s appearance contradict their stance on Bitcoin poses a limited risk to the current financial system? Share above and comment below.