Bitcoin Could Harm the State's Economy

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The Bank of England considers crypto currency or virtual currencies such as Bitcoin to pose a risk to financial stability in Britain if adopted on a wide scale. This warning is presented in a report on potential economic issues, arising from the spread of digital currency.

bold Bitcoin is essentially no risk because the scheme of its use is still small. But according to the Bank of England, it can change if Bitcoin grows significantly.

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The Bank continues to monitor the digital currency and the risks involved.If some people make transactions exclusively using digital currencies, then the Bank's ability to influence the needs of these groups can be disrupted,

bold Although interest in Bitcon growing rapidly, but still in certain areas only. The Bank of England estimates that only 20,000 people in Britain currently have Bitcoin and they have not seen it as money.

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the number of Bitcoin owners in the UK is predicted to make transactions at least 300 times per day. The amount of Bitcoin value in the country itself is estimated at around £ 60 million.

bold The bank also said that there are still significant obstacles for Bitcoin to dominate the currency in the UK. "Bitcoin may not be able to reduce the Bank's ability to achieve monetary stability, if ultimately, in terror, then this could change if sterling is left to an alternative currency for the economy, but such a scenario is highly unlikely," said the bank

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Nevertheless, the Bank of England does not rule out the technology behind the digital currency that can be used for various other
things. Not just as a means of payment.