Submitted by Ahmed Elhenawy on Friday 29th January 2021
Published on Wednesday 3rd March 2021
Current status: Closed
Closed: Friday 3rd September 2021
Signatures: 10
Relevant Departments
Tagged with
Accept ~ Acceptable ~ Bank of England ~ Cryptocurrencies ~ Economy ~ England ~ Gold ~ IMPACT ~ Pandemic ~ Range ~ Refused ~ security ~ technology ~ Treasury ~ UK
Adoption of cryptocurrencies as a reserve currency
The Bank of England and HM Treasury must adopt a range of cryptocurrencies to their international currency reserve portfolio. UK institutions have ignored and refused to accept the benefits of cryptocurrency and blockchain technology.
The benefits of cryptocurrencies and blockchain technology can no longer be ignored. Gold, a slab of metal, as reserve currency is heavily outdated. Unlike gold or foreign currency, cryptocurrency cannot be faked, cannot be stolen, does not require heavy physical security, can be easily transferred and can be produced whenever needed. With the impending impact of the pandemic on the global economy, cryptocurrencies are an effective hedge against inflation.
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