Bank of England and HM Treasury Launch Taskforce for UK CBDC
This is the first sign the Bank of England exploring the launch of a CBDC following the release of a discussion paper in March 2020.
The fintech lead at U.K.’s central bank urged eco-conscious citizens not to “throw the blockchain baby out with the bitcoin bathwater.”
Christina Segal-Knowles played down concerns that the traditional banking model would be undermined.
The BOE says growing interest in cryptoassets by institutional investors, banks and payments operators is a concern.
The paper focuses on the effects of private stablecoins on the cost and availability of lending and the challenges for monetary policy.
Sir Jon Cunliffe expressed the concern that consumers may find stablecoins more attractive than bank offerings.