Majority of Britons Not in Favour of a Bank of England-Backed Cryptocurrency 5520
News
Sharat Chandra
Apr 19, 2018 at 11:37 PM

A fresh survey has observed that a bulk of Britons would not support a cryptocurrency that was backed by the Bank of England (BoE). The study, conducted by market research and polling company D-CYFOR, discovered that 60 percent of those surveyed showed that they would not be in favor of a BoE-backed digital currency. Prominently, though, the research also found that 93 percent of Britons have now learned about bitcoin, due in part to the accelerated rise in the digital currency’s value toward the end of 2017 and its succeeding fall at the start of the year.

Interestingly, whereas one-third of respondents said that they would be ‘more likely’ in invest in bitcoin if the government regulated the space, 56 percent stated that new rules in place wouldn’t necessarily be enough to make them alter their minds, reports the Express.

According to the study, the predicted view of bitcoin doesn’t look too high among the survey participants. Of those questioned, 61 percent are of the opinion that bitcoin will decrease in value or fall within the next six months. Given the fact that bitcoin underwent the worst first quarter of 2018, making it its second-worst quarter in history, it’s hardly surprising that a high percentage don’t see a bright future for cryptocurrencies.

According to Mark Carney, the Governor of the Bank of England, he believes that digital currencies such as Bitcoin should be held to the same standards as the traditional finance system. In March, he expressed the view that cryptocurrencies had ‘extreme volatility‘ and that they lacked any intrinsic value or external backing. As a result, he stated that they had failed as a form of money due to this.

He also said that while the BoE wasn’t contemplating a central bank digital currency in the imminent future, it was open to the possibility of one sometime in the future. Carney may have to reconsider this considering the majority of people not in favor of BoE-backed cryptocurrency.

 

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