Bank of England Officials Outline Benefits of Cryptocurrencies for Business

The Bank of England’s deputy governor for monetary policy, Ben Broadbent, said that new technologies, such as digital assets, open up profitable opportunities for business. This is reported by Bloomberg.

In his words, the main advantage of blockchain-based products and services is their speed of adoption. Broadbent added that the BoE’s closest scrutiny is focused on the regulatory implications of new payment technologies.

“Clearly, this opens up opportunities for financial institutions, businesses and individuals. We expect further improvements, reduced frictions and lower payment costs,” the BoE spokesperson said.

Earlier, UK Chancellor Jeremy Hunt said that the launch of a national digital currency (CBDC) could come this decade, but not before 2025. In his view, the digital pound could become a new ‘reliable and accessible’ means of payment.

British authorities began studying CBDC technology as early as 2021, forming a working group that included the Treasury and the Bank of England. Later, joined them, the House of Lords’ Economic Affairs Committee.

Earlier in January 2023, Bank of England Governor Andrew Bailey expressed doubt about the need to create a digital pound.