Bank of England discovers bitcoin

The Bank of England stole the attention this week after publishing a paper which may authorize it to issue its own digital currency taking after the concept of the bitcoin.

After the announcement by the Bank of England, bitcoin's price remained unaffected, although it was speculated to drop considerably.

In a piece run by Citi AM, Jessica Morris warns bitcoin fanatics, stating: "The central bank would need a rationale for issuing a digital currency, as well as addressing the economic, technological and regulatory challenges of doing so."

The Bank of England says bitcoin may grow to be as common as banknotes. It stated there are a number of problems if consumers gathered toward digital currencies; it might leave major banks and institutions without any customers.