The central bank governor also said regulators can’t rule out central bank digital currencies.
Bank of England governor questions need for digital pound
BoE governor Andrew Bailey highlighted that the UK already has a wholesale settlement system with a major upgrade.
Bank of England sees CBDCs as a revolution for the future of money
The Bank of England estimates that 20% of retail and consumer deposits could potentially move toward CBDCs.
Bank of England Governor Insists Digital Payments (but Not Crypto) Are Sticking Around
BoE Governor Andrew Bailey said cryptocurrencies “as originally formulated” are not the ideal form of digital currency.
BOE’s Bailey, Western Union CEO Part of Davos Panel on Digital Currencies
The session will focus on the diminishing role of cash and the emergence of central bank digital currencies, moves accelerated by the pandemic.