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Home » Bank Of England Questions Digital Pound Proposal

Bank Of England Questions Digital Pound Proposal

Hania by Hania
January 18, 2023
in General News
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Bank Of England Questions Digital Pound Proposal
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Bank of England (BoE) governor, Andrew Bailey, raised doubt on the necessity of a digital pound soon after the European finance ministers approved continuing work on a digital euro.

The governor of the Bank of England has questioned the requirement for a full-scale central bank digital currency (CBDC), reminding up that there is existing an wholesale central bank money settlement system that has undergone a major upgrade.

While caution was expressed about the use of the digital pound in retail settings, such as for payment processing, Bailey stated that there is no plan to eliminate cash. Additionally, he said he didn’t believe retail payment systems need this modification.

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 Bank of England questions digital pound proposal

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Bailey’s comments come in reaction to recent claims made by a former BoE advisor regarding the dangers and expenses of forming a CBDC as well as recent CBDC-related developments in the eurozone.

On January 16, the finance ministers of the eurozone issued a statement approving the ECB’s investigation on a potential digital euro.

Before implementing a CBDC, the Eurogroup agreed that more political discussion is required. The committee also made a point of highlighting the issues it had come across, such as issues with privacy, financial stability, and environmental impacts.

On the same day, Tony Yates, a former BoE advisor, argued that CBDCs are not worth the costs and risks in an editorial in the Financial Times. Yates also referred to the CBDCs’ initial objectives as “suspect” and questioned their motives.

Other news includes Russia and Iran exploring at the possibility of creating a new stablecoin backed by gold. A Persian Gulf token is being created by Iran and Russia to encourage cross-border trade.

Also Read:

UK Cryptocurrency Bill Will Restrict Foreign Services

Tags: crypto newsdigital currencyEurozoneUK
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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