Bank of England might just start using bitcoin or other forms of electronic money in order to bring about sustainable financial reforms in the country. It is one of the possibilities discussed during a recently held conference in Northern Ireland.
The chief economist at the Bank of England– Andy Haldane proposed the idea while addressing a gathering of business owners. Haldane is one of the leading members in Bank of England’s monetary policy committee and the views expressed by him during the speech was completely opposite to what the Bank of England’s governor Mark Carney had earlier explained.
According to Andy Haldane, The Bank of England should rather be reducing its interest rates to as less as zero percent over a period of time instead of further increasing it. During the time of economic slowdown, many economies are not faring well, which along with many other factors are forcing the Central Banks to cut their interest rates. Doing so in the current situation will stabilize the economy for a short term, but it will also end up hampering the domestic growth rate while keeping the inflation in check.
These situations requires the Central Bank to take a