Cryptocurrency and the UK debate hits ICE VOX

Cryptocurrency and the UK debate hits ICE VOX

Tuesday, February 6, 2018 Posted by Craig Davies
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Could a Bank of England backed crytpocurrency come to fruition

The world of cryptocurrency seems to be growing at an exponential rate, with barely a day passing by that more news doesn’t break from within the field.

It has been mooted in some sectors that Great Britain could be set for a Bank of England backed cryptocurrency, which would give the state its own bricked coin, and in theory do away with Ethereum and other technologies.

Being such a hot topic, crypto debates surfaced day one of ICE VOX 2018, and was discussed on a large scale following a working group debate in the Future Tech: Future Regulations panel.

Juan Espinosa Garcia, directorate general of gambling regulation within Spain, was front of centre of the debate, and voiced his opinions on a Bank of England backed cryptocurrency:

“It is quite interesting that you raise this because this was something that was mentioned in our breakout session as well, on two accounts.

“First of all, you can draw a similarity to the banking finance sector where, what they have done, apparently, is to devote a lot of funds to research the possibility of generating and integrating official cryptocurrencies into the system.

“And the other circumstance where this question is related, is whether there is enough demand and enough necessity to devise official cryptocurrencies.

“They will for sure be devised, because when you get to the point where you have to draw these flaws within the system you just have to do it, whatever it takes.”   

Another person asked about his views on the topic was Ben Haden, programme director, GB Gambling Commission, who gave a brief insight before remaining very impartial with his answer: “We have set out a couple of paper relating to this.

“I think that from our perspective, our line is that it is clearly something that has a line of interest; there will be several hurdles that will have to overcome first before it can really become mainstream.

“So it is a little bit wait and see, if that isn’t too much sitting on the fence.”

Totally Gaming says: Cryptocurrencies seem to be a huge talking point worldwide at the moment, and it was only a matter of time before the debate surfaced at ICE VOX. It is certainly a very interesting proposition that a Bank of England backed crypto could appear within Great Britain, but as is pointed out, there could well be several sticking points to be ironed out for the prospect to progress any further.

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