Poll Revealed, Majority of the Britons Won’t Support Crypto Released by the Bank of England

Poll Revealed, Majority of the Britons Won’t Support Crypto Released by the Bank of England

April 29, 2018 Off By Sydney Ifergan

The survey says that nearly two-thirds of the British nationals won’t support the crypto issued by the central bank. Also, they have found out that most of the people in the country have already their ideas about Bitcoin, but third of the respondents had admitted that they would be more likely to invest in the digital money if it is already regulated. This means they want regulated crypto and not a centralized coin.

This survey had indicated about a rising awareness in the United Kingdom regarding the cryptocurrency. 93% of the respondents this month, which is apparently the majority of the Brits, say that they have heard Bitcoin from anywhere. This a larger percentage compared to January’s survey, which only counts to 91%, and on November last year’s survey with only 80%. Though there is increased awareness, many of them still are not supporting the crypto released by the Bank of England.

On the other survey conducted by the D-CYFOR reported by Daily Express, they had found out that the British respondents won’t trust any government-backed crypto. There are 60% of the respondents said that they would not support the central bank in its plan to introduce its digital coins.

Regarding the future of the cryptocurrency in the country, the Britons are very cautious and pessimistic about it. Over 60% of the surveyed Brits are expecting a fluctuation or even collapse in Bitcoin’s value over the following months.

The pollsters also asked the Britons if they will consider investing in other types of cryptocurrencies aside from Bitcoin. With this question, the participants responded and found out that 14% of them will put money in the Bitcoin Cash, 20% said to invest in Ethereum, 6% for the Ripple and 5% for the Litecoin. Nearly third of the respondents responded that they would be more likely to invest in the digital money or crypto sector once it is already regulated in London.

The bank of England’s Governor, Mark Carney had spoken recently against the prospect t of issuing the digital coin of the central bank. He is also a critic of Bitcoins who claims that that decentralized crypto had failed on traditional aspects of money – the medium of exchange and the store value.  Other bankers in the central bank also voiced out their concerns regarding the centralized and government-backed crypto.

This week, Masayoshi Amamiya, a Deputy Governor of Japan said that the issued crypto by the central bank could have a large impact on traditional finance system, in which the banks allow direct access to its account to limited entities like the private banks. The centralized crypto will affect their role for financial intermediation by granting the businesses and households’ direct access to the accounts of the central bank. The remarks from Mr. Amamiya had indicted the Bank of Japan don’t have any immediate plans yet to issue crypto to the Japanese people.