The UK will launch its own cryptocurrency in 2018

The Bank of England plans to create its own cryptocurrency, similar to bitcoin, as early as 2018. This is written by the British The Telegraph with reference to the representative of the regulator.

The interlocutor of the publication specified that the issue of creating a digital currency for the UK is being worked out in the research center. It is assumed that the British currency will be linked to the national currency - the pound sterling.

In the next 12 months, the research center can announce the readiness of the Bank of England to create its own counterpart of bitcoin. Already, the regulator uses digital transaction technology, which supports this digital currency.

The Bank of England believes that the issuance of its own cryptocurrency will allow residents of the UK to abandon conventional banks and store their money in digital form. In addition, the cryptocurrency will allow for large transactions, such as buying a home, "for nanoseconds".

For the first time, the Bank of England announced plans to launch its own cryptocurrency called RSCoin in March 2016. It will function on the detachment. The representatives of the regulator explained this decision by the need to "centralize the money supply".