Bank of England sees CBDCs as a revolution for the future of money

Bank of England sees CBDCs as a revolution for the future of money


In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee. When asked about the growth of innovation surrounding digital currencies in the country, Sir Cunliffe gave the following comment: 

“It’s quite difficult to predict how innovators will take money and actually use money going forward. But we are starting to see programmable money being used in the crypto world. And I would expect we would see a similar revolution in the functionality of money driven by technology.”

Sir Jon Cunliffe discussing CBDCs | Source: Parliamentlive.tv

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The Bank of England is currently exploring options to implement a digital pound CBDC for retail payments. A task force behind the CBDC

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