The Bank of England should create a "Bitpound" digital currency and take the world by storm

The Bank of England could win the race to create a respectable digital currency if it moves quickly, says Matthew Lynn.

Andrew Bailey, governor of the Bank of England © Kirsty O'Connor - WPA Pool/Getty Images
Andrew Bailey, governor of the Bank of England, should get a move on
(Image credit: © Kirsty O'Connor - WPA Pool/Getty Images)

Digital currencies are catching on fast with central banks. The idea is simple. We know from the success of bitcoin and its rivals that electronic forms of money have carved out a place in the global financial system. In a world where trade and commerce increasingly takes place on the internet, it makes sense to have a safe and secure internet-based monetary unit as well. Bitcoin offers that in a purely private form. Now central banks are looking at issuing their own version.

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Matthew Lynn

Matthew Lynn is a columnist for Bloomberg, and writes weekly commentary syndicated in papers such as the Daily Telegraph, Die Welt, the Sydney Morning Herald, the South China Morning Post and the Miami Herald. He is also an associate editor of Spectator Business, and a regular contributor to The Spectator. Before that, he worked for the business section of the Sunday Times for ten years. 

He has written books on finance and financial topics, including Bust: Greece, The Euro and The Sovereign Debt Crisis and The Long Depression: The Slump of 2008 to 2031. Matthew is also the author of the Death Force series of military thrillers and the founder of Lume Books, an independent publisher.