Bank of England Building Payments Network to Support a Potential Digital Pound
CoinDesk has learned the Bank of England's new settlement system is being built so it can be forwards compatible with a digital currency.
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.
Deputy Governor Jon Cunliffe says protecting bank business models is not BoE's responsibility.
Sir Jon Cunliffe expressed the concern that consumers may find stablecoins more attractive than bank offerings.
ECB President Christine Lagarde says the impetus for a central bank digital currency could come from the need to facilitate cross-border finance.
Bank of England Governor Andrew Bailey wants coordinated global regulation around stablecoins as the payment method picks up steam.