Bank of England (BOE) Deputy Governor for Monetary Policy Ben Broadbent said new technologies such as digital assets offer lucrative business opportunities. This is reported Bloomberg.
According to him, the main advantage of blockchain-based products and services is their speed of implementation. Broadbent added that the UK central bank’s “most intense focus” is on the regulatory implications of new payment technologies.
“Obviously, this opens up opportunities for financial institutions, businesses and individuals. We look forward to further improvements, reducing contention and the cost of payments,” explained a BOE spokesperson.
Earlier, the head of the UK Treasury, Jeremy Hunt, said that the launch of a national digital currency (CBDC) is possible as early as this decade, but not earlier than 2025. In his opinion, the digital pound can become a new “reliable and affordable” means of payment.
The UK authorities began studying CBDC technology back in 2021 by creating a working group that included the Treasury and the Bank of England. They were later joined by the Economic Affairs Committee of the House of Lords.
Recall that in January 2023, the head of the Bank of England, Andrew Bailey, questioned the need to create a digital pound.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Bank of England (BOE) Deputy Governor for Monetary Policy Ben Broadbent said new technologies such as digital assets offer lucrative business opportunities. This is reported Bloomberg.
According to him, the main advantage of blockchain-based products and services is their speed of implementation. Broadbent added that the UK central bank’s “most intense focus” is on the regulatory implications of new payment technologies.
“Obviously, this opens up opportunities for financial institutions, businesses and individuals. We look forward to further improvements, reducing contention and the cost of payments,” explained a BOE spokesperson.
Earlier, the head of the UK Treasury, Jeremy Hunt, said that the launch of a national digital currency (CBDC) is possible as early as this decade, but not earlier than 2025. In his opinion, the digital pound can become a new “reliable and affordable” means of payment.
The UK authorities began studying CBDC technology back in 2021 by creating a working group that included the Treasury and the Bank of England. They were later joined by the Economic Affairs Committee of the House of Lords.
Recall that in January 2023, the head of the Bank of England, Andrew Bailey, questioned the need to create a digital pound.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
