New UK and England Bank Poll Hints at XRP and Crypto Assets being Optimal to Receive Payments
According to a new poll made by the Bank of England on Twitter, 69% of the respondents said that their favourite way to receive money as a gift at Christmas is using digital currencies.
The poll received more than 7,400 votes as of December 20. The other options were cash (22%), bank transfer (7%) and gif voucher (2%).
If you receive money as a gift at Christmas, what’s your favourite way to get it?
— Bank of England (@bankofengland) December 17, 2018
There are several virtual currencies that can be used for transferring funds. However, each of them has different functionalities and features.
There are some assets such as XRP or Stellar Lumens (XLM) that offer very cheap and fast transfers. Other cryptos such as Bitcoin (BTC) or Litecoin (LTC) have slower transfers but work with a different consensus algorithm than XLM and XRP.
The XRP community has been asking several exchanges to add support to XRP as a base currency. This would help different exchanges to increase their trading volume but also users to have a fast and economical way of sending and receiving funds between exchanges.
Ripple is also working with many different companies around the world in order to improve cross-border payments. Using Ripple’s solutions, banks and financial institutions could reduce costs and also transaction times.
The Bank of England has been investigating and researching information about digital currencies. Earlier this year, the financial institution has released a paper titled ‘Central bank digital currencies – design principles and balance sheet implications.’ The paper discusses how different models of Central Bank Digital Currencies (CBDC) could be applied.
On the matter, the bank wrote:
“Central banks are increasingly studying the monetary policy and financial system implications of issuing central bank digital currencies (CBDC). Even though the Bank of England does not currently plan to issue CBDC, it recently published an extensive research agenda on the topic.”
There are several central banks that are thinking about issuing or working with CBDC. For example, the central bank of Sweden is analysing the possibility to issue a CBDC to make it easier for older people and unbanked individuals to have access to financial services.
Sweden is one of the countries that is moving towards a cashless society.
The governor of the Bank of England, Mark Carney, informed earlier this year that cryptocurrencies do not pose risks to global financial stability at this time. This is something similar to what Christine Lagarde, the Head of the International Monetary Fund (IMF) said. She mentioned that CBDCs would allow governments to reduce the role of cash in the economy and help them reduce costs.
There are several individuals all over the world that prefer to use virtual currencies rather than other systems for transacting funds. They are fast, secure and do not depend on a centralized authority such as a bank or financial firm.