When the UK ended the ERM, they stopped backing the currency. The UK does not ba... | Hacker News

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		whatshisface on May 17, 2022 \| parent \| context \| favorite \| on: $3B in Bitcoin was sold in a last-ditch attempt to... When the UK ended the ERM, they stopped backing the currency. The UK does not back the pound, the pound does whatever the market wants it to do.

lottin on May 17, 2022 [–]

Not entirely. Central banks try to ensure price stability via monetary policy.

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