Brexit as Crypto Case Study? Britain Contemplates Its CBDC

The governor of the Bank of England acknowledged that the U.K. is considering the issuance of a CBDC.

The Bank of England is considering issuance of a CBDC according to its governor, Andrew Bailey.

Bloomberg reports that during a student webinar, the head of the Bank of England acknowledged that they are looking into the possibility of issuing a digital currency:

“We are looking at the question of, should we create a Bank of England digital currency. We’ll go on looking at it, as it does have huge implications on the nature of payments and society. I think in a few years time, we will be heading toward some sort of digital currency,� he added.�

England could realize such an undertaking relatively soon, compared with other European nations. The country does not have to deal with EU bureaucracy, nor is it a part of the Eurozone. These factors have allowed the nation to retain its own sovereign currency — the British pound. If the U.K. decides to develop a CBDC, it could provide the British pound with some advantage over major rival currencies like the U.S. dollar and the Euro.

This article is developing and will be updated.

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