More NewsE-Cash Spells Doom For Central Banks

E-Cash Spells Doom For Central Banks

Leading academics have welcomed comments made by a senior Bank of England official that Internet-based currencies could drive central banks to extinction. Speaking at a banking conference in Wyoming recently, the Bank of England’s deputy governor, Mervyn King, admitted that emerging forms of currency used in Web-based trade could fall beyond the control of the world’s central banks. Losing control of the money flow will naturally mean the loss of economic power and could wipe out central banks altogether, according to King. Ian Angell, professor of information systems at LSE, said King’s comments are a refreshing change from the traditional lack of forward thinking exhibited by ‘mealy mouthed’ Bank of England officials. Angell claims King’s prediction that central banks could become redundant will come true.

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha