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Jon Cunliffe, deputy governor of the Bank of England, recently made comments about the need for a digital pound. The discussion arose on the topic of whether a Jon Cunliffe, deputy governor at the Bank of England (BoE), said the U.K. may need a digital British pound as he discussed whether the collapse of crypto exchange Bank and HM Treasury judged it likely that a digital pound would be needed in the future. Rather than assessing that question against the status quo of payments today, it is vital to consider In 2025, the Bank and the Treasury launched a consultation on developing the digital pound, devised as an “ultra-safe” form of public money that will prevent consumers from being Bank of England Deputy Governor Sarah Breeden signaled growing support for a digital pound, saying the central bank needs to maintain its grip on money to stop the risk Hace 6 días The Bank of England’s move towards developing a retail central bank digital currency (CBDC) signifies a crucial pivot in the UK’s financial landscape. Governor Andrew Bank of England and HM Treasury update on proposals for a digital pound which would include primary legislation to guarantee users’ privacy and control. Response

Bank of England Deputy Governor States the Necessity of Digital Pound

The future of British currency is evolving, and leading the charge is the discussion surrounding the potential introduction of a digital pound. Jon Cunliffe, deputy governor of the Bank of England, recently made comments about the need for a digital pound, igniting debate and prompting serious consideration of its implications.

Why a Digital Pound? Jon Cunliffe Explains

The discussion arose on the topic of whether a digital British pound is necessary for the U.K.'s financial future. Jon Cunliffe, deputy governor at the Bank of England (BoE), said the U.K. may need a digital British pound as he discussed whether the collapse of crypto exchange FTX demonstrated the need for regulated digital assets. The Bank and HM Treasury judged it likely that a digital pound would be needed in the future. Rather than assessing that question against the status quo of payments today, it is vital to consider the rapidly changing landscape of digital finance.

Digital Pound: A Response to Evolving Financial Landscape

In 2025, the Bank and the Treasury launched a consultation on developing the digital pound, devised as an “ultra-safe” form of public money that will prevent consumers from being exposed to the volatility and risks associated with privately issued cryptocurrencies. This move is seen as a proactive measure to maintain financial stability and control in an increasingly digital world.

Growing Support Within the Bank of England

Bank of England Deputy Governor Sarah Breeden signaled growing support for a digital pound, saying the central bank needs to maintain its grip on money to stop the risk of private entities dominating the payment space. This highlights the strategic importance the Bank of England places on controlling the future of digital currency.

A Crucial Pivot in the UK’s Financial Landscape

Hace 6 días The Bank of England’s move towards developing a retail central bank digital currency (CBDC) signifies a crucial pivot in the UK’s financial landscape. Governor Andrew Bailey has also publicly discussed the need for exploration and a robust framework for a potential digital pound.

Privacy and Control: Key Considerations

Bank of England and HM Treasury update on proposals for a digital pound which would include primary legislation to guarantee users’ privacy and control. Response from the public and stakeholders is being carefully analyzed to ensure the digital pound aligns with the needs and concerns of the population. The balance between innovation and security remains a central focus as development progresses.

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