The Bank of England was created in 1694 with the purpose to purchase new government bonds in an effort to rebuild the country after a crushing defeat of the English navy.
It was tasked with taking custody of precious metal, issuing deposits, effecting transfers between depositors, and circulating notes as cash.
The Bank of England and the Private Sector (private banks/non-government entities) created the third-layer of money.
This third-layer money was issued by Private Sector and its value relied on both BoE Deposits and BoE Notes. Private Sector issued:
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Business Administration and Management Student | Blockchain, DEFI & Web3 | Social Worker | "Fix the money & fix the world."
Understand money history and the layers that conform our monetary system, as well as the revolutionary form of money Bitcoin.
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