Bank Of England Developing Cryptocurrency With Aggressive Timelines

A maniacal following of cryptocurrency matured in 2017, but the new calendar year may hold even loftier implications. Digital currencies have already grown from a simple idea to an increasingly tangible option moving forward. Bitcoin, the crypto-market’s dominant token, is accepted as valid payment by a number of Japanese and Korean establishments with expected growth coming over the first quarter of 2018.

The Bank of England has expressed a more defined interest in developing and releasing its own cryptocurrency with a potential release coming within the calendar year. On the surface, leading financial institutions buying into the newest revelation is an action that would help prevent the possible dissolution of financial institutions.

Introduction of digital currencies for bank members would go beyond the simple idea of online banking that has taken off in recent years. While members can easily transfer in and out of their accounts now, or link to a myriad of active websites, all accounts are still tied down to a third-party institution like the Bank of England. The utilization of cryptocurrency would still be facilitated by these entities (similar to the exchanges currently used for Bitcoin, Ethereum, etc., but without the concrete tie.

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