Bank of England: Considering the need to create a digital currency backed by a central bank

BlockBeats: The Bank of England is considering whether it should create a digital currency backed by the central bank, governor Andrew Bailey said.

"We're looking at whether we should create a digital currency for the Bank of England, and we'll continue to look at that, because it does have a huge impact on payments and the nature of society," the governor of the Bank of England said.

Compared with other European countries, it seems easier for the UK to introduce cryptocurrency. After Brexit, the UK will not have to deal with the EU bureaucracy and will no longer be part of the eurozone. These factors allowed the UK to retain its sovereign currency, the pound. If the UK decides to establish the CBDC, sterling will gain some advantage over major rivals such as the dollar and euro.

The original address: https://www.bloomberg.com/news/articles/2020-07-13/bank-of-england-debating-digital-currency-creation-bailey-says 

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