CBDCs: Bank Of England Exec Says A Central Cryptocurrency Needs To Be Taken Seriously

  • CBDCs: Bank Of England Exec Says A Central Cryptocurrency Needs To Be Taken Seriously


    Going off an article published earlier today, the Ukraine is sceptical on releasing a central-bank digital currency. However looking at England, there are calls for the creation and development of a national currency - and has been for quite some time. One of the executives at the Bank of England is in support of cryptocurrency, which furthers the argument that one should be made for the country. Sarah John, the Chief Cashier at the Bank, has said that central banks across the globe all need to start looking into central digital currencies and take them very seriously.

    John believes that central banks need to delve even deeper into the research of such currencies by describing the need as crucial. On top of this, she added that there is a significant need for all the central banks to be on the same wavelength and have some synergy with related private companies. She added that this is necessary for the future and the central banks need to decide “whether a public sector or private sector would be best to provide a digital currency going forward.”

    Moreover, John went on to highlight that the United Kingdom needs to be more welcoming to new technologies. Given that cryptocurrency has been around for more than a decade now, it’s safe to say, it’s here to stay. The sector needs to be regulated on an official level with such regulation not being just for cryptocurrency and central bank expectations.

    She went on to say:

    “Technology is moving on very fast so central banks are very alert to the fact that they could risk handing over complete control of our management of money.”

    It will be interesting to see how this situation plays out.

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