Bank of England sees CBDC as the next step in the evolution of money

Around 20% of deposits by individuals and corporations could move to the digital national currency (CBDC). Such estimates provided Deputy Governor John Cunliffe.

“According to our conservative assumptions, about a fifth of all deposits […] could move from the banking system into central bank digital money,” he explained.

The official pointed to threats from the cryptocurrency market to the country’s financial system. The programmable properties of digital assets will drive a similar revolution in the functionality of money, the official added.

announced a public discussion in 2022 on launching a digital pound, the UK Treasury and the Bank of England said.

posted seven vacancies in a CBDC research group.

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