Bank of England Deputy Governor Jon Cunliffe said a decision on whether to launch a digital version of the pound in Britain is still “some years” away.
(Bloomberg) — Bank of England Deputy Governor Jon Cunliffe said a decision on whether to launch a digital version of the pound in Britain is still “some years” away.
Speaking at Politico’s Global Tech Day conference, Cunliffe reaffirmed that the UK was “likely” to need a central bank digital currency, or CBDC, and put the odds of the project going ahead at “seven out of 10.”
But even though a public consultation on whether to proceed with the technology is due to close at the end of this month, Cunliffe said a decision from the BOE and the Treasury would only be taken “in some years’ time.”
Previously, Cunliffe has suggested that a UK CBDC — dubbed “Britcoin” by some — could be a reality by 2030 if the Bank decides to push ahead.
Read more: Digital Pound Could Protect Consumers in Bank Runs, BOE Says
A CBDC would sit on technology similar to that underlying cryptocurrencies such as Bitcoin, though its value would be tied to central bank reserves rather than being speculative.
Cunliffe has equated CBDCs to a modern form of banknotes, and said that a UK version would likely be essential as an “anchor” that would “ensure confidence in money and the uniformity of money” as big tech firms and other businesses try to launch their own currencies.
Read more:
- Bank of England Official Says Stablecoin Use May Need Limits
- UK Plans £20,000 Limit for Individual Holdings of Digital Pounds
- UK Steps Up Planning for Digital Pound Currency Backed by BOE
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