Central banks investigate digital currencies following bitcoin boom
No statements, no accounts, no fees, and definitely no waiting for your money to arrive.
That could be your financial future in a world where banks have been replaced by a single, unique “key” which would let you directly transfer and receive money instantly from anywhere in the world.
It’s something central banks from the UK to Israel and Australia are actively assessing as they consider whether to develop their own cryptocurrencies to mirror the benefits of bitcoin, while minimising the ability to launder money or evade taxes.
Head of the Cyber Academy at Edinburgh Napier University, Bill Buchanan said many are now putting their “toe in the water” to investigate how the blockchain technology that underpins bitcoin could improve the financial system by providing instant, secure transactions.
“Governments are worried that they won’t be able to trace transactions of businesses and individuals because it all happens in this digital space,” he told news.com.au about the recent bitcoin boom that has sparked a flurry of investor activity.
“Banks are extremely worried because it’s a completely disruptive force. The transaction is between me and you and doesn’t actually involve any other intermediate party involved in that.”
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