• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
Advertisement

Citi Suggests UK Government Create its Own Digital Currency

Nigel Dollentas by Nigel Dollentas
8 years ago
in Bitcoin, Bitcoin Acceptance, Bitcoin Politics, Bitcoin Security, Markets and Prices, News, News teaser, Trending
0
Advertisement

The United Kingdom, is often one of the friendlier places when it comes to Bitcoin legality, especially when compared to US regulation, such as the New York BitLicense. Citi, a global banking and financial corporation, recommended that the UK take its acceptance one step further with the creation of a UK cryptocurrency.

Also Read:Are Wall Street and The Banks Trying to Circumvent the Bitcoin Blockchain?

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

220px-Citi.svgIn a document submitted by Citi to the British government, Citi noted the risks involved with digital currency. However, Citi also mentioned the untapped possibilities that digital currencies like Bitcoin can offer:

“Due to the potential benefits, we believe that the adoption of Digital Money is inevitable. While we believe that the use of Digital Money is certain, the future of specific cryptocurrencies such as Bitcoin is less clear. Ultimately, Bitcoin’s benefits will be realized through the application of the underlying distributed ledger technology (i.e., blockchain) to provide an extensible decentralized, trustworthy, and generic transaction store.”

Citi came to the same conclusion as Goldman Sachs: banks, financial institutions, and other companies that deal with money can all benefit from the advantages a blockchain like a system have to offer.

Banks are betting on Bitcoin-technology, not Bitcoin itself. The banks seem to believe that, in its current state, Bitcoin is far too volatile to be of any use as a long-term store of value, and is best used for immediate, short-term transactions with little chance of market volatility.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

“The digital ledger of transactions can be used to enable the digitization of components of the current Financial System. The implementation of which would establish an extensible, decentralized, trustworthy, and immutable generic transaction store that enables encoding of business logic, laws, and other rules.”

According to Citi, the biggest advantage digital currencies have over fiat is the costs and time saved from issuing regular paper money. By going digital, not only is counterfeiting impossible, the resources and time saved by not producing paper money can be allocated elsewhere.

Since transactions would have to be recorded in the blockchain with all to see, money laundering and corruption would be much harder due to the nature of the blockchains transparency:

“The greatest benefits of digital currencies can be realized through the government issuing a digital form of legal tender. This currency would be less expensive, more efficient, and provide greater transparency than current physical, legal tender or electronic methods.”

The 17-page report further describes and breaks down what Bitcoin is, the current state it is in, and how digital currency can impact the way we live. It is now up to the UK government if they are willing to take the next step and create a legal-tender digital currency.

Original document can be seen here

Should the UK make its own digital currency? How would the world react if they did so? Let us now in the comments below!


Image: Wikipedia

 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Nigel Dollentas

Nigel Dollentas

Born in the Philippines, currently stationed in the USA. The youngest member of our writing team, Nigel is our freelance writer. Learned about Cryptocurrency right after the Mt. Gox crash and has been passionate ever since. @NigelDollentas

Related Posts

tulip mania bitcoin

Celebrating The Tulip Mania Anniversary With Bitcoin & Crypto

8 hours ago
Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

12 hours ago
Bitcoin

Why Bitcoin Is Among ‘Hottest Subjects’ On Earth, According To ‘Rich Dad’ R. Kiyosaki

14 hours ago
Bitcoin BTC BTCUSDT

Ralio Dalio Praises Bitcoin For 12 Years Of History, But Issues Warning

1 day ago
Bitcoin Mining

Bitcoin Mining Could Help Scale Solar Power, Report Reveals

1 day ago
Bitcoin Inches Closer To $24K As Fed Bares ‘Disinflationary Process’

Bitcoin Inches Closer To $24K As Fed Bares ‘Disinflationary Process’

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • The Three Best Cheap Cryptos To Buy Now – Snowfall...

    16 hours ago
  • Could Big Eyes Coin Bring Warmth To The Long Winter? How...

    16 hours ago
  • Cryptocurrencies That Connect With Their Community...

    16 hours ago
  • Rivalry Between Dogecoin and Shiba Inu Escalates as Big...

    16 hours ago
  • Get Rich While Gaming: RankerDAO Offers Unlimited Potential...

    18 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.