Festive Season is about to start and with such festive days comes along the trend of giving and taking gifts which basically signifies love. But gifting concept is not as easy as it deals with the likes and dislikes of the person and to predict another person’s need and desires is a very tough task. Many people find this so confusing that they prefer to send money rather than gifting any tangible item.
This has a two-fold advantage, one it solves the problem of the person who is planning to gift, and on the other hand, the person receiving the amount as a gift can buy any present as per their convenience and choice.
The online process is becoming very easy in recent years to order gifts.
In the previous week, the Bank of England had a small poll for their users in which they questioned from their followers the best way in which they would prefer receiving money gifts at this Christmas. The statement quoted as: “If you receive money as a gift this Christmas, what’s your favorite way to get it?”
Nowadays, there are numerous ways to give gifts to your loved ones such as cash, bank transfer, gift voucher, and digital currency. Further, such tweets may have some hidden meaning, and the UK finance authority has to develop few guidelines which will be easy to regulate the cryptocurrency related gifting transactions. The tweet indirectly will assist the Bank of England to estimate the public interest in the cryptocurrency market, and such a thing is quite logical as well as it shall define the preferences in which public is interested.
As per opinion of Mark Carney, Governor of the BoE, currently, cryptocurrency doesn’t relate to money in the British Economy. Also, the statement of the Governor revealed that Bitcoin is not able to meet the basic criteria of getting listed under currency value and hence cannot be stored as a value. As per Carney’s statement “RTGS is being re-built so that new private payment systems, including those using a 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.”
Although, there are various barriers in the cryptocurrency market, but then also BOE is trying to make a noteworthy move which shall help to regulate such market and incorporate such blockchain into the system effectively.