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China to be the first country to launch its Digital currency project ahead of the UK and Sweden
The Bank of England sent a message about their digital currency, which reads;
"Don't expect central banks to issue their digital currencies anytime soon"
For a future project that is likely to take place next year. The UK Central Bank on Tuesday said its exploration of Central Bank digital currencies [CBDCS], shouldn't be expected anytime soon.
However, the BOE made it clear that even if it decides to push ahead with the proposed digital currency. Which is being tagged "BRITCOIN" is unlikely to arrive until at least 2025.
Although it is not certain until it is found to be "operationally and technologically robust".
CEO of London-based digital bank starling. Anne Boden issued a disturbing question that is still left unanswered. Which Britcoin is believed to try and solve
Boden in question is one of several industry executives, who provides inputs to UK officials as they explore CBDCs
Boden herself told CNBC last week that "everything we do in this space has to solve a real problem", she continued.
"It has to have uptake and needs to be ubiquitous enough to provide such real value"
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| Yaun currency |
However, China has found a way to race ahead with its CBDC projects...with Sweden moving at a sluggish pace.
Although, they were early to the game.
China seems to be rolling out a virtual version of the Yuan in trials in various provinces.
Confirmed by experts. It is said that the People's Bank of China would be the first to fully launch a CBDC.
Which means they will be the first to access digital currencies.
Nevertheless, the CBDCs People's Bank of China won't come alone if launched. It is believed to come alongside other troubling issues, which makes it a huge problem in the western countries.
Critics say it's too centralized. Also, they complain it could be used to boost the government's surveillance. Which of course allows the government to keep track of people's digital transactions (anytime) online. Unlike cash.
