English>

MarketNews

Bank of England Debating Digital Currency Creation, Bailey Says - BLOOMBERG

JULY 13, 2020

By Jill Ward


The Bank of England is reviewing whether it should create a central bank-backed digital currency, according to governor Andrew Bailey.

The Bank of England is reviewing whether it should create a central bank-backed digital currency, according to governor Andrew Bailey.

“We are looking at the question of, should we create a Bank of England digital currency,” Bailey said Monday in a webinar event with students. “We’ll go on looking at it, as it does have huge implications on the nature of payments and society.”

“I think in a few years time, we will be heading toward some sort of digital currency,” he added.

The BOE is part of a group of major central banks teaming up to assess potentially developing their own digital currencies, acknowledging their role is being challenged by new technologies and private sector initiatives such as Facebook Inc.’s Libra.

It could be some time before the U.K. central bank is able to fully devote its attention to such a development, however.

“The digital currency issue will be a very big issue,” Bailey said. “I hope it is, because that means Covid will be behind us.”

— With assistance by Adeola Eribake


SEE HOW MUCH YOU GET IF YOU SELL

NGN
This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics