Bank of England Supports Global CBDC Concept

by in Cryptocurrency News

Bank of England

Central bank digital currencies (CBDCs) are the instruments of our future to bring about a global financial revolution. This point of view is shared by the management of the Bank of England.

Deputy Head of the Central Bank John Cunliffe, during his speech at the Parliamentary Committee on Economic Affairs, noted that the scale of the use of digital assets is growing in many countries. It is no longer possible to ignore such tools.

We live in the era of programmable money and technology development. Cunliffe recalled that the Bank of England has not yet decided whether it should issue a digital version of the British pound sterling.

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The regulator is currently exploring options for deploying the token and analyzing the implications of its implementation on the market. If the Central Bank decides to issue a digital pound, then the regulator is ready to pay salaries and pensions to the CBDC.

At the same time, the deputy head of the Bank of England believes that it will not be possible to completely get rid of cash so far.

People will still use such a tool to pay for goods and services as long as the digital payment infrastructure in the kingdom remains underdeveloped.