RScoin should never be compared to Bitcoin

The Bank of England has announced that it has asked a team of researchers to help them issue their very own digital currency, called RScoin.

Despite all of the promises RScoin may hold, this concept is a far cry from Bitcoin in every possible way. Not only the fact that it is centralized, but also the unlimited monetary supply and the same “inner circle” of people put in control over consumer funds makes it that way.

Bitcoin is a decentralized digital currency, accessible to everyone in the world regardless of existing financial access or bank allegiances. A free market model will always trump centralized power although it will take many years until the general public sees things this way. RScoin is not the answer to financial problems, albeit it might streamline a few things. But in the end, the core issues with finance will remain present: the power is in the hands of a select few.

Moreover, it is very telling how the Bank of England changed their mind about digital currency issued by central banks so quickly. Just a few weeks ago, Bank of England publicly voiced concern over central banks issuing their digital currency, and now they plan to do exactly that which they opposed not too long ago.