The European Central Bank enthusiastically embraces blockchain, while the Bank of England chooses to wait and see

More than 30% of the UK's GDP depends on the City of London, and this is not good news for the Bank of England, which, as a leading financial center, needs to play a leading role in protecting capital interests.

Recently, at a meeting held at Cambridge University called "Bitcoin and Beyond: The Alan Turing Society Cryptocurrency Working Group," representatives from the Bank of England revealed that the central bank is still not very interested in cryptocurrencies, except for issuing an empty statement, "Let's wait until after Brexit to consider this matter."

Frankly, this is bad news for the UK. The Bank of England is putting 2 million jobs in London at risk by not providing guidance on cryptocurrencies.

In contrast, the ECB has made a clear, unequivocal statement on blockchain.

On December 6, at the Handelsblatt Banking Technology Conference, ECB board member Yves Mersch gave a speech in which he made it clear that the ECB favors distributed ledger and blockchain technology.

Bank of England continues to push for quantitative easing

Will the Bank of England's indifferent attitude and its continued promotion of quantitative easing (massive money printing) put the spotlight on it again, as massive money printing will cause the British people's pensions and savings to continue to depreciate?

London is a global financial services centre offering first-class capital markets, with the city's insurance and banking industries having nearly 700 years of historical foundations.

Brexit is seen by many countries as an opportunity to move business away from London, an event that will dilute London's influence. These countries believe that the UK is going backwards, and more importantly, they also realize that cryptocurrencies provide another opportunity to weaken London's business.

Hard times

Because of the many advantages of blockchain, most sovereign states have stated that they will commit to cryptocurrencies and hope to be the first sovereign state to put its debt on the blockchain.

With over 25% of central banks already adopting negative interest rate policies, and the Bank of England and the Federal Reserve not offering a clear solution, will we see the eventual demise of a few reserve banks, which could bring more opportunities for cryptocurrencies?

We have entered new territory and soon the global central bank market will have no choice but to move to cryptocurrencies (such as Bitcoin) as a safe haven if they remain indifferent.

Just wait and see, it’s going to be a rough few years.