The Bank of England has quashed rumours that a Pound Sterling-based cryptocurrency is on the cards. There are \'no current plans\' in place, according to a Bank of England spokesperson.

Rumours began on January 2 as the bank announced that its researchers were exploring cryptocurrencies. It was understood that the aim would be to enable British customers to maintain cryptocurrency holdings directly with the bank itself, eliminating the need to use retail banks.

While initial reports celebrated the concept for its proposed impact on national infrastructure, it is this same idea which appears to have resulted in a decision to postpone ongoing research. The Bank of England are reported to be concerned with economic turbulence should cash become obsolete.

Simon Scorer of the bank\'s digital currencies research team, has in the past 12 months been very vocal about the requirements for a central cryptocurrency linked to the pound, and claims that the bank has been examining the concept of cryptocurrency seriously since 2015.

The research team were expected to make a further announcement in 2019, although it remains unclear whether the Bank of England will continue exploring cryptocurrencies, given the increasing concerns that have been raised within the past few days.