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Central banks explore blockchain to create digital currencies

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Interesting tidbits:


Countries around the world — the UK, Russia, Canada, Australia, China and many more — are examining how they might mint their own digital currencies and put money on the blockchain


At the Bank of England, radical options are being discussed. One scenario even involves the blockchain being used to bypass high-street banks, with individuals holding accounts directly with the central bank, cutting out the commercial banks’ role as middleman in the circulation of money


When a move to official digital currencies might occur is hard to estimate, he says, but a switch could happen within the next five to 10 years


“It’s inevitable there will be a government digital currency, eventually,” says Kenneth Rogoff, a professor at Harvard who studies the concept of a “less-cash” society. He believes that cash will never disappear, and that there will always be a role for small notes.

“Eventually, there will be government digital currencies that ordinary people have access to at very low cost.”


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