The Bank of England does not rule out the possibility that private cryptocurrencies can play an important role in the future of money. Besides, the British Central Bank is still studying the concept of issuing a digital pound.
During a webinar this week, Bank of England analysts working on state cryptocurrency said there was a real possibility that private companies could play an important role in issuing and distributing money.
According to Ben Dyson, although the Bank of England had previously touted that Bitcoin and other cryptocurrencies did not meet the necessary money criteria, “this does not mean that it is impossible to improve the technology and create the best product that has the characteristics of money.”
“Over the past year, we have seen proposals from large technology companies, for example, to create payment systems and crypto-assets that could function like money with sustainable purchasing power,” he said.
Although this may introduce new risks to the monetary system, according to Dyson, private currencies can work together with any future initiative of the state cryptocurrency, if they are of real use.
“If these proposals meet a real need – for example, some weakness in the existing payment system or a certain category of users who are not served by existing payment systems – the public sector can play a role in solving these problems, or simply leave their solution to the private sector,” Dyson said.
Technical analysis of Bitcoin (BTC):
Over the past day, the price of bitcoin rose to the resistance level of $7,450. Then the price fell to the support level of $7,070. Now, it is $7,300. In the future, we expect the continuation of the positive movement. The nearest resistance levels are $7,450, $7,660, $8,000, $8,020, $8,140. The nearest support levels are $7,250, $7,070, $6,700, $6,300, $6,000, $5,780, $5,450, $5,000.
Technical analysis of Ethereum (ETH):
Over the past day, the price of ethereum dropped to the support level of $162. Then it rose to the resistance level of $174. Now, it is $169. In the future, we predict the continuation of the positive movement. The nearest resistance levels are $170, $176, $183, $200. The nearest support levels are $169, $161, $155, $150, $142, $140, $137.
Technical analysis of Ripple (XRP):
Over the past day, the price of ripple rose again to the resistance level of $0.2050. Then it fell to the support level of $0.19. Now, it is $0.1990. In the future, we predict the continuation of the positive movement. The nearest resistance levels are $0.2050, $0.21, $0.2240. The nearest support levels are $0.1980, $0.19, $0.1850, $0.1770, $0.1750, $0.1680, $0.1570.
