Altseason just round the corner and digital Pound ready for launch

With three altcoins up more than 100% in the past week (we talked about SingularityNet earlier this week) and Bitcoin pausing just before capturing the coveted golden cross, we wondered if altseason had already started. The mathematical formula that checks that on a daily basis answers: not just yet, but it is getting closer.

The new British Prime Minister Rishi Sunak is known as an avid fan of Bitcoin and crypto. As an investor he found digital coins very interesting and also as a politician he fully supports the development of cryptocurrencies. It is therefore not surprising that the Bank of England announced yesterday that the digital Pound is likely to arrive very soon.

E-Yuan

The West, or in other words the United States, the European Union and the United Kingdom, could of course not stray too far behind when China officially launched its own digital currency, the so-called E-Yuan, about a year ago. Although the global presentation of the E-Yuan did not go very smoothly because the Beijing winter games were largely a non-event due to Covid, the Chinese have been using the digital currency for some time now. It allows the government in Beijing to see what their population of over 1 billion is doing with their hard-earned money.

Important statements from the Bank of England and HM Treasury today. The Digital Pound Foundation and its members have been producing thoughtful work on some of the key considerations for a digital Pound, including privacy and financial inclusion. Follow us to keep updated 👍 pic.twitter.com/NrZFVh2r0u

— Digital Pound Foundation (@digitalpoundfdn) February 7, 2023

At the moment, there is still a lot of paper money circulating in the Chinese economy, but the digital portion that the Communist government can view in detail is growing ever faster.

Stability

The United States has admitted that a digital dollar is only a matter of time and the EU is also working on a digital Euro. The Brits are beating both of them apparently as the digital pound will arrive much earlier than anticipated.

A ‘digital pound’ could supplant physical banknotes in the UK by the end of this decade https://t.co/bWEnyn0g5A

— Financial Times (@FinancialTimes) February 7, 2023

Chancellor of the Exchequer Jeremy Hunt said central bank digital currency (a true CBDC) could represent a new “trusted and accessible” way of paying for the British.

We want to explore what is possible first, while always making sure we protect financial stability.

He added.

The Bank of England formally launched a consultation on Tuesday for the digital currency and aims to launch it in 2025.

Digital pound likely this decade, Treasury says - BBC News https://t.co/LCEVwU7mpz

— Dominique Samuels (@Dominiquetaegon) February 7, 2023

Cryptocurrencies are not backed by a central bank and their value can go up and down quite quickly. However, as it will use technology similar to major digital coins such as Bitcoin and Ethereum, the digital pound issued by the Bank of England would be less volatile. Ten digital pounds will always be worth as much as £10 in cash in the future, the Bank of England claimed in their press release.