Bank of England Twitter Poll Shows 'Digital Currency' As the Most Preferred Christmas Gift

Bhushan Akolkar
By Bhushan Akolkar
Posted on Dec. 21, 2018
Bank of England Twitter Poll Shows 'Digital Currency' As the Most Preferred Christmas Gift

The Christmas holiday season is on, and so is the time when friends and family celebrate this festive season by giving gifts. Of course, with the changing trends, the pattern of gifts too keep changing. However, in the last two-three years, cryptocurrencies have emerged as the most preferred alternative for sending money during Christmas. 

Bank of England Conducts Twitter Poll

The central of U.K. recently conducted a Twitter poll last week to get an idea of what form of money transfer would its citizens prefer to have as Christmas gifts. The Twitter poll started earlier this week on December 17, and has still 3 days left to conclude. The poll gives voters to choose between four money transfer options which include Cash, Bank Transfer, Gift Voucher and Digital Currency.

The Bank of England Twitter poll asks a simple question “If you receive money as a gift this Christmas, what’s your favorite way to get it?” At the press time, a total of 8514 votes were registered. On viewing up the responses so far, we found that digital currency outclassed other three option with over 70% of people preferring it as a preferred Christmas gift.  

Marking a Major Shift In User Preferences

Although this Twitter poll just seems to be for understanding users opinions, it could most likely push the U.K. authorities to consider more seriously on the crypto matters. Until now, there’s no definitive stand initiated by the U.K. financial regulators on digital currencies. This Twitter poll by the Bank of England seems a way to understand the opinions of the U.K. citizens on the use of cryptocurrencies. 

Over the last year, U.K.’s central bank (BoE) has been initiating several measures on the use of digital currencies. Bank of England governor Mark Carney has previously stated that there are as such no imminent plans to consider cryptocurrencies’ role of money in the mainstream British economy. However, Carney has remained open to the idea of having a central-bank-digital-currency (CBDC). 

Earlier in June 2018, the Bank of England has made crucial tweaking to the framework of its settlement system that aims to bridge the gap between traditional banking network and distributed ledger. 

In a speech at the mansion house in London, Carney said:

“RTGS is being re-built so that new private payment systems, including those using distributed ledger, can simply plug into our system. Our new, hard infrastructure will be future-proofed to your imaginations, opening up a range of potential innovations in wholesale markets, and corporate banking and retail services”.

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