Bitcoin rebounds from bottom to regain lost ground, Bank of England considers issuing digital currency

   The price of Bitcoin continued to rebound in the Asian session on Monday (January 4), recovering some of the losses yesterday. The quotes released by BITSTAMP showed that the Bitcoin/US dollar (XBT/USD) fell from around 434 to 424 yesterday, and continued to rebound in the Asian session this trading day, approaching the 432 level.

(Bitcoin/USD time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN showed that Bitcoin/Euro (XBT/EUR) fell from around 400 to below 390 yesterday, and continued to rebound in the Asian session of this trading day, rising above 396 at one point.

(Bitcoin/Euro time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by Huobi.com showed that Bitcoin/CNY fell from 2860 to 2760 yesterday, and continued to rebound to 2830 in the Asian session of this trading day.

(Bitcoin/RMB 30-minute chart source: Huobi.com)

In terms of industry, Victoria Cleland, cashier director of the Bank of England (BOE), said in an interview with the BBC that “as a central bank, the Bank of England is considering whether it should issue digital currency.”

“At the moment we issue paper money that anyone in the world can use, knowing it’s backed by a central bank,” Cleland said. “We’re looking at whether we need to use digital currency to give people the same safety and security.”

Cleland noted that the research is still in its early stages.

But Victoria Cleland said that the public still has a strong demand for cash. "Research by the British Retail Association shows that the cost of using cash is very low, so retailers will consider the cost issue in addition to consumer demand, and some retailers will favor cash very much."