Bank of England’s Carney says there is clearly a future for digital payments, even if true digital currencies may still be a way off

  • Bank of England Governor Carney acknowledges digital currencies, but says they are still a way off.
  • He further pointed out flaws of Bitcoin, suggesting that it is slower and more expensive versus GBP.

Mark Carney via the Bank of England’s future forum, was questioned recently on when will the BoE begin issuance of digital cash. He initially covered how important physical money is in society still today. Saying, “we accept that the token of exchange that we call money can be physical - made of metal or polymer - or digital, made of computer code. And indeed, physical cash still plays a very important role in our society. There were 13bn cash payments in 2017, accounting for a third of the total volume of consumer and business payments. That’s why we are still committed to physical money and announced the launch of our new polymer £50 note last year.”

Carney did accept however that the Bank of England must also keep pace with changes in the economy. Somewhat of a hint in further monitoring the development of digital currencies. He detailed, “there is clearly a future for digital payments, even if true digital currencies may still be a way off”.

On that note, in another response to a question via the forum, he highlighted specially for the UK, that Crypto is also an inefficient media of exchange. “No major high street or online retailer accepts Bitcoin as payment in the UK”. Further pointing out flaws of Bitcoin, Carney said, “the speed and cost of the transaction is slower and more expensive than payments in sterling. For example, Visa can process up to 65,000 transactions per second globally against just 7 per second for Bitcoin”.




Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News


Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast