BoE’s Chief: It Is ‘Absolutely Important’ To Consider Central Bank Digital Currencies

2020-2-25 20:33

Sarah John, the chief cashier at the Bank of England, has stated that it is imperative that central banks in the world consider researching and supporting digital currencies before it is too late for them, Telegraph UK reports. She said,

“We need to think as an institution about how to position ourselves to make sure society still has a broad range of payments that it can use with confidence.”

“It is absolutely right that central banks think about whether a public sector or private sector would be best to provide a digital currency going forward.”

As the BoE’s chief cashier, John is also the director of notes and she noted that it is also the time for central banks to come up with ways to define what role should be played by the private firms which are offering their respective cryptocurrencies.

Central banks all over the world are increasingly concerned about the rise of cryptocurrencies especially after Facebook announced its intention to introduce the Libra stablecoin. Indeed, BoE together with seven other financial institutions around the world started a working group last month which is geared towards sharing research as well as findings about the formation and the operations of a central bank digital currency (CBDC).

One of the members of the working group, Sweden's Riksbank, revealed on Friday that it is set to pilot a fresh e-krona project which will run up to 2021. The testing will allow the bank to get firsthand knowledge on the effectiveness of CBDCs in the economy.

According to the Block, late last year, Mark Carney, BoE’s outgoing Governor explained that a digital currency issued by a central bank, has the potential to overthrow the US dollar from the helm of the world’s hedge currency. Carney will be replaced by the current U.K.'s Financial Conduct Authority CEO Andrew Bailey after his term comes to an end on March 16.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.001959 (-100%)

bank digital central currencies chief consider supporting

bank digital → Результатов: 126


Bank of England policy makers clash over digital pound design

The team at the Bank of England responsible for designing its digital pound CBDC project has clashed over its core design, according to Bloomberg. Tom Mutton, the director of fintech at the Bank of England (BoE) and head of the digital pound project, said a recent meeting failed to strike an agreement on the fundamental […] The post Bank of England policy makers clash over digital pound design appeared first on CryptoSlate.

2023-6-27 14:49


Фото:

Bank Of Japan Commences The First Phase Of Its Digital Yen Experiments

Japan is the latest country making efforts towards issuing its own central bank digital currency (CBDC). The country, however, is taking a measured approach towards the digital currency project. Bank of Japan — the nation’s central bank — on Monday announced that it is starting the first phase of experiments for its sovereign digital currency. […]

2021-4-6 20:31


Microsoft President on digital currencies: We’re not a bank and we don’t want to become a bank

With Facebook working on its digital currency project Diem, formerly known as Libra, the idea of a private entity issuing currency did not please many financial regulators. Most of them believed that The post Microsoft President on digital currencies: We’re not a bank and we don’t want to become a bank appeared first on AMBCrypto.

2021-3-24 21:00


Bank of Russia Is Studying Pros & Cons of a Digital Ruble; May Start Developing CBDC In 2021

According to Izvestia, a Russian finance news site, the Ministry of Finance and Bank of Russia investigate other nations’ efforts in releasing a central bank digital currency (CBDC). The post, published on Monday, highlights some of Russia's advantages of launching its own digital ruble, including reducing the cost of transactions, more opportunities for cross-border payments, […] The post Bank of Russia Is Studying Pros & Cons of a Digital Ruble; May Start Developing CBDC In 2021 first appeared on BitcoinExchangeGuide.

2020-10-21 20:41