Bank of England deputy governor says a CBDC is 'probable' if public money is to survive

Sir Jon Cunliffe, deputy governor of the Bank of England for stability, said Thursday that it “looks probable” that the United Kingdom’s central bank will issue a digital currency if public money is to survive the growing expansion of private alternatives.

“We may not be there yet. But it looks probable in the UK that if we want to retain public money capable of general use and available to citizens, the state will need to issue public digital money that can meet the needs of modern-day life,” said Cunliffe on May 13, in a speech to the Official Monetary and Financial Institutions Forum, a central bank think tank.

The Bank of England, like many of the world’s central banks, has yet to reach an official decision on whether to launch a central bank digital currency (CBDC).

In April, the Bank joined up with HM Treasury to form a joint task force to lead its research into the possibility of launching a digital pound. More recently, the Bank began advertising seven roles in a newly-formed CBDC team.

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