Now it's official, the Bank of England (BoE), the United Kingdom Central Bank is planning to explore use cases of Sovereign digital currencies (CBDC), and already made associations with other Central banks, to work together in the project.
England is a economic power in the world and, if they plan to explore potential uses of CBDC's the, Blockchain Technology is attracting some shark players.
Some central Banks that are associated with BoE, are already involved with CBDC's and In plain developments of their digital currency, such as European Central Bank and Sveriges Riksbank, the other three are emergent in the field that are, the Bank of Canada, the Bank of Japan and the Swiss National Bank.
This statements was published today, and the BoE is ready to explore the digital currency challenges and their potential use cases.
The fever of Central bank Digital currency (CBDC), is on advanced stages for players like China, that are on the final developments for they sovereign digital currency and the digital Yuan, will be ready and initially promoted in two Chinese cities, Shenzhen and Suzhou.
Also will count with partnerships from several companies such as, commercial Banks and telecommunication Entities, that will be the first in connection between the customers and the central bank... The digital Yuan will substitute the paper money and, is on Development since 2014.
Despite being centralized digital currencies, and based on Blockchain this Currencies are much awaited to see what new will bring to the crypto market, and I particularly wanna,see how this will interact with BTC!!
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