GDP of countries is usually dictated through decisions made by the National bank. Regulation of interest rates and capital controls essentially control the GDP and financial health of a country. The GDP doesn’t tell the whole story as financial disparity can often weaken the countries state of affairs. However the Bank of England believes that Cryptocurrencies can overall boost the financial standing of a country and help achieve a healthy GDP value.
Referred to as a disruptive technology many banks and fiat institutions look down on crypto such as bitcoin. the Bank of England has considered the potential implications crypto may have on the finances of a country as the international nature of currencies such as Bitcoin mean money will inevitably go out of the country. The paper does specify central bank digital currencies so in Nigeria the currency would have to be tied to the National bank.
The technology is purposed to be presented to parliament today after months of organization. The meeting aims to further emphasize the value cryptocurrencies can provide to trading and even foreign exchange. Blockchain technology is also mentioned as a way of financial institutions increasing the transparency of operations due to the public and decentralized nature of current technology.
Below you can read the complete paper produced by the Bank of England. Released this month it covers many of benefits of crypto in current infrastructure. Also covering the compensation crypto can provide and the links Banks can make the BoE Paper offers a in depth insight into the potential of Crypto on a national scale. The following paper is a work in progress and may be updated in the near future so look out for updates !