Major roundtable sparks interest of Bank of England

David Kemp

Discussions and talks can greatly help people find the right ways out of the most difficult situations. Negotiations and decision making are efficient as long as there are people who are skilled and talented enough to make the very first steps even when they are doing this without external support and approval. New ideas are not always accepted.

However, the crypto community has plenty of teams that feel ready and dedicated to change the current flaws and make them either less visible or non-existent. As several major mass media reports announce, the Bank of England continues to keep central bank e-money research one of its priorities on its agenda this year.

Executives state that the organization is prepared to participate in a major meeting tomorrow. Their key mission is to analyze and discuss the bank’s digital currencies. Also, one of their tasks is to find out if there are possible infrastructural designs that need improvement and further development.

The OMFIF arranged a roundtable and involved a whole range of leading specialists. There were several delegates representing BoE and some of the most prominent banks across the European Community. Sky Guo was sent as the main representative talking on behalf of the blockchain platform known as Cypherium that is focused on enterprises.

More than that, the organizers of the even invited many other professionals to join the discussion and attend the event. According to the crypto market analysts, the main principle of the gathering is to tackle the alternatives and ways in which blockchain technology would be able to benefit different models for digital currencies.

Main Points to Discuss and Analyze

As organizers suggest, this would include the implementation of smart contracts – they are greatly interested in designs created for programmable currency. Members of the forum are willing to concentrate on interoperable networks and their targets cover not only the national borders but also beyond.

One of the participants claimed that if the currency remains in its early phase of conception, then the groups understand that it’s the right time to start debating the advantages as well as disadvantages of infrastructural patterns. And this relates to the way in which these tools might operate and interact with each other. Each of the delegates is prepared to present and introduce his ban’s findings from internal currency research.

As the Forum states, the private sector has influenced all of them to consider seriously digital currency issuance. They admit that it’s essential to gain access to different infrastructural characteristics and features, including networks and blockchain. Around five months ago, the BoE decided to issue a thorough discussion paper that was devoted to digital currencies. The group analyzed how fast the payments landscape is changing.

They also found out more about the potential role of e-money. The management of financial and monetary stability is another aspect to be considered. On top, the document included an appeal for additional comments in the bank’s conceptual ground model for a potential digital asset.

On the other hand, even though the project itself seems quite reasonable and appealing, there are skeptics and critics who warn investors and say that decentralized assets are not safe enough and there is a high risk of losing all money in case the individual decides to choose to hold the crypto.