An online casino is predicting that Britain could become a cashless society by 2043 when the number of transactions undertaken with cash reaches zero percent. In a report from Finextra, Gala Casino, a popular online casino in the U.K., looked at how cash is declining from usage data from 2004 to 2014. Figures show that it has dropped from 71 percent to 53 percent. The online casino also looked at...
Mark Carney, the Bank of England governor announced today that he will be stepping down from his position in June 2019, serving two years short of the eight usually served by previous governors. Carney has ended speculation about his future by making the announcement that he will stay on as the Bank of England’s governor for only three more years. Despite staying on a year longer past his initial...
A senior central bank official has stated that the priority of the Bank of England is to create a regulatory approach to Fintech as it understands its impact, according to Reuters. Victoria Cleland, the BoE’s Chief Cashier, explained that the risks and advantages of digital currencies and blockchain were being assessed. This announcement by the BoE comes when policymakers in Britain want to know...
RSCoin, a cryptocurrency controlled by the Bank of England for the purpose of strengthening the country's economy and global trade, combines the benefits of distributed ledger technology with the control of traditional, centrally managed currencies, according to The Deal Room, a financial news website. RSCoin was developed by University College of London researchers at the central bank’s...
The Bank of England (BoE), the central bank of the United Kingdom has sought a digital currency of its own. A centralized, completely central-bank controlled bitcoin clone in the form of a cryptocurrency called RSCoin. While financial institutions such as securities exchanges are openly favoring and investing in blockchain technology, central banks are going a step further in borrowing from...