This bank continues the discovery of cryptocurrencies; the bank started searching for cryptocurrencies in 2015 and was considering issuing its cryptocurrency. This Bank of England has decided that it will not start its cryptocurrency due to its possible impact on the financial system. According to the FT advisor, it will stop using commercial bank accounts as well as using paper money. The bank believes that consumers will choose their cryptocurrency on paper money. Now it has been decided that there may be a negative impact on traditional banks such as having their currency.
Source - https://www.ccn.com/bank-of-england-drops-plans-for-its-own-cryptocurrency-fearing-instability/