Bank of England Ben Broadbent, BoE’s VP of Monetary Policy, spoke to Bloomberg today. Broadbent expressed his views on the digital pound in a statement.
The BoE administrator first issued a CBDC He stated that they are making great efforts to create (central bank digital currency):
“We have seen in the digitalization experience we have had so far, that new technologies are accepted very quickly by the society. The introduction of the Digital Pound means great convenience for financial institutions, businesses and individuals. Reducing the cost of payment and money transfer is positive for all of us.”
When Is Digital Sterling Coming?
Ben Broadbent emphasized that the UK Treasury Department also contributed to the digital pound study. The BoE and the Treasury Department are striving for a system in which both fiat currency and CBDC can work integrated:
“We anticipate that there will be a great need for Digital Sterling in the future. In our consultation report, there was a consensus that it is still too early to decide whether to introduce the CBDC currency.”
The BoE official sees no harm in working out already, even though the CBDC currency is a long-term plan. Broadbent has finally turned to digital currency “Bitcoin” He stated that they thought it appropriate to give his name.
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