Ben Broadbent said that now the main financial regulator is focused on introducing its own digital currency, since CBDC can bring real benefits to the entire financial ecosystem. Namely: simplify and speed up payments for financial institutions, companies and individuals, reduce transaction costs. The official is confident that new products that work using blockchain technology can be quickly implemented on a large scale. Therefore, now the Bank of England, together with the UK Treasury, is studying the viability of the digital pound.
“We consider it quite likely that the digital pound will be used in the future. It’s still too early to make a decision to launch. However, all the preparatory work already carried out related to it is justified and makes sense, ”Broadbent believes.
Earlier, UK Treasury Secretary Andrew Griffith said that the country should not neglect the study of the possibilities of the state stablecoin, while other central banks are already actively conducting similar studies. At the beginning of the year, Griffith reassured would-be CBDC owners by saying that the digital pound would not be used by the government to spy on users.
Bank of England Governor Jon Cunliffe recently clarified that the digital British pound should not be called a “Britcoin”. Otherwise, people will begin to associate it with crypto assets, and these, the official announced, are speculative instruments.
Source: Bits
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