Bank of England Considering Creating a Digital Currency

Bank of England

This is extremely concerning.

The Bank of England is reviewing whether it should create a central bank-backed digital currency, according to governor Andrew Bailey, reports Bloomberg.

“We are looking at the question of, should we create a Bank of England digital currency,” Bailey said Monday in a webinar event with students. “We’ll go on looking at it, as it does have huge implications on the nature of payments and society.”

“I think in a few years time, we will be heading toward some sort of digital currency,” he added.

A central bank running an e-currency is extremely frightening. This would mean all transaction would be tracked by the government and potentially some transactions would be blocked from taking place. Not even George Orwell expected this.

-RW