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To be clear, this isn't a cryptocurrency, right? It would be issued and backed by the Bank of England. What is different about this and the current system? I
by JauntTrooper 3y ago
To be clear, this isn't a cryptocurrency, right? It would be issued and backed by the Bank of England.
What is different about this and the current system? I assume the vast majority of pounds are held virtually in bank accounts already.
- peterlk 3y agoCorrect. It’s a digital currency based on blockchains (or whatever the current buzzword might be). It allows central banks to tightly audit cashflow and exert greater control over how money is spent.
- JauntTrooper 3y agoDoes it actually use a blockchain? Interesting. I would have thought a centralized database would be more efficient. What benefit does a blockchain provide here?