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Is The Future Of The Pound In Crypto?

Written by Reece
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Cryptocurrency has been a key theme over the last few years, with virtual currencies making the headlines for lots of different reasons. For some, they will see cryptocurrency as the future and smart way of turning a tenner into ten thousand. For others, they’ll see crypto as a hyper-volatile gamble with more chance of losing out than cashing out.

But what if there was a cryptocurrency which could be easily regulated and remain stable? 

That’s exactly what the UK government is planning with their virtual replacement of those little round things that you were told would always look after themselves…

How Would The Crypto Pound Work?

The crucial factor that would determine whether this plan works or not is if it can be made stable. Imagine going to sleep with fifty quid in your bank and by the time you’ve woken up and tried to buy yourself a bacon butty the coin’s value has plummeted and you can only afford a little mayo packet! It doesn’t bear thinking about…

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Well, the fellas at the top clearly had visions of the same misfortune and came up with the idea of using Stablecoin. The idea was that this cryptocurrency would be more stable than its volatile cousins because its value would be “linked to traditional currencies or assets such as gold.”

When Can We Expect It?

The word on the street is that things are moving pretty quickly, meaning we could see the launch of the digital pound very soon. There may, however, be some drawbacks as there have been questions over whether a cryptocurrency can ever truly be stable. 

There is expected to be a long ‘research’ phase to the project, so it’s likely that any progress we do see could be in the form of ‘ironing out the wrinkles’ with an extremely scaled-back launch.

Do You Want A Digital Pound?

Coins can be annoying, right? Especially when it’s so easy to do contactless payments which don’t bulk out your pockets. Well, the digital pound could be the next step and even change the way we view currency on the whole.

But what do you think? Will the crypto pound fly or never get off the ground?

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Let us know on LinkedIn, or, if you’d like to indulge in some other industry insight, keep an eye on our blog and subscribe to our fab Flaunt newsletter.

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