The BOE has published its quarterly bulletin pre release articles and they are on “Innovations in payment technologies” and “The economics of digital currencies”
On Bitcoin the report notes;
“Digital currencies do not currently pose a material risk to monetary or financial stability in the United Kingdom, given the small size of such schemes. For instance, it is estimated that there is less than £60 million worth of bitcoins circulating within the UK economy, which represents less than 0.1% of sterling notes and coin and only 0.003% of broad money balances. The article discusses potential future risks to monetary and financial stability but notes that while conceivable, these risks could only emerge if the size of the schemes were to grow significantly. The Bank continues to monitor digital currencies and the risks they pose to its mission.”
Put that one in the “comments to come back and bite you in the ass” column
If you’re so inclined you can knock yourselves out with the full papers here.
