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UK Is “Likely” To Need Digital Currency, Says BoE & Treasury

Written on . Posted in PT Global Economy.

The Bank of England (BoE) and His Majesty’s Treasury believe the United Kingdom is likely to need to create a central bank digital currency (CBDC) by 2030, according to a Daily Telegraph report on Feb. 4.

The “digital pound” roadmap is set to be introduced next week, a government source told the newspaper. Deputy Governor Jon Cunliffe is scheduled to give an update on the BoE’s work on the CBDC on Feb. 7.

“Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.” Revelation 13:18

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” BoE Governor Andrew Bailey and Chancellor of the Exchequer Jeremy Hunt told the Telegraph.

The BoE declined to comment on the article but announced that a joint consultation on the digital pound would be released soon.

The U.K. reportedly experienced a 35% drop in cash and coin payments in 2020. Cash accounts for approximately one in six payments; debit and credit cards account for the other five. A central bank digital currency is a digital version of government-issued currency tied to fiat reserves at a 1:1 ratio.

The news comes just a few days after HM Treasury posted an open position on LinkedIn for a head of central bank digital currency. The job description presented the role as “important, complex, and cross-cutting”, requiring an “extensive engagement across and beyond the HM Treasury.”

The digital pound is one of many CBDCs expected to be introduced across the world in the years ahead. The European Central Bank has been discussing the future of a digital euro, with several countries, including Sweden and Denmark, also exploring the concept of digital currencies.

Last year, China’s digital yuan was launched in beta for iOS and Android local app stores. Recent developments include upgrades to smart contract functionality alongside a series of use cases, Cointelegraph reported.

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SECOND mega earthquake hits Turkey, hours after record 7.8-magnitude tremor: Thousands feared dead

Written on . Posted in PT Middle East.

Thousands are feared dead after Turkey was hit by a second massive earthquake, just hours after an earlier catastrophic quake killed more than 1,900 people and plunged the region into an unfolding humanitarian crisis.

The 7.8-magnitude night-time tremor, followed hours later by a slightly smaller one, wiped out entire sections of major Turkish cities in a region filled with millions of people who have fled the civil war in Syria and other conflicts.

The later 7.5 magnitude quake struck at 1.24pm (1024 GMT) two-and-a-half miles southeast of the town of Ekinozu and around 60 miles north of the first quake that has wrought devastation across Turkey and Syria.

Hundreds are still trapped under rubble on both sides of the border. The World Health Organisation warned that it expects to see a ‘significant’ increase in the death toll as the disaster unfolds, and as rescue workers continue their search through mounds of wreckage for victims crushed in their sleep.

Heartbreaking videos and pictures from dozens of cities across the two countries have shown weeping parents carrying the lifeless bodies of their children in their arms, miraculous rescues executed by emergency responders, buildings slamming to the ground in seconds, and entire neighbourhoods reduced to rubble.

Devastating moment buildings collapse after earthquake hits Turkey
Turkey has been hit by a second huge earthquake , hours after an earlier catastrophic quake devastated the region, killing more than 1,900 people and injuring thousands more, while toppling thousands of buildings. Pictured: The Turkish city of Hatay is seen after Monday morning's quake levelled buildings across the region
Read More @ Daily Mail HERE