The act of giving during this festive period seems to be changing and cryptocurrencies are entering the fray. More people are spending money on purchasing gift cards or sending money to their loved ones for which they can use to make purchases online.
Crypto preferred as holiday gifts
The Bank of England conducted a Twitter poll a few days ago, asking users if they were to money as a gift at Christmas, what would be their favorite way to get it. They asked users how they will use money in years to come. The options given by the bank are cash, bank transfer, gift voucher, and digital currencies.
At the time of writing this article, 70 percent of the participants opted for cryptocurrencies, with cash coming distant second after pulling 21 percent of the poll.
If you receive money as a gift at Christmas, what’s your favourite way to get it?
— Bank of England (@bankofengland) December 17, 2018
Would the BOE use the poll results?
Even though most people think that the BOE used the poll as a conversation starter, there could be a hidden meaning to all of it. The regulatory bodies in the country are yet to come up with proper regulations or even let the public know where they stand with cryptocurrencies. The lack of clarity has prompted some people to assume that the tweet a way for U.K’s central bank to measure and learn about the interest of the public in cryptocurrencies. Despite the drop in the prices of cryptocurrencies this year, this poll shows that people are still very much interested in them.
Even though BoE is undecided, Governor Mark Carney has been talking about cryptocurrencies and how best to regulate and integrate them into the economy. He pointed out that even though they have plans to integrate them in the economy, it wouldn’t be immediate since cryptocurrency doesn’t perform the role of money in the economy at the moment. Carney stated that he remains very open to a Central Bank-issued digital currency.
The bank has been testing blockchain technology as it recently executed an overhaul of its settlement system, enabling traditional private systems and those based on the distributed ledger to be interfaced with the network of the bank.
Back then, Governor Carney stated that “RTGS is being re-built so that new private payment systems, including those using a distributed ledger, can simply plug into our system. Our new, hard infrastructure will be future-proofed to your imaginations, opening up a range of potential innovations in wholesale markets, and corporate banking and retail services.”