The Bank of England’s Chief Digital Officer Katy Fortune said that in the future she envisions a mixed ecosystem of various forms of money, including CBDC and stablecoins. This was reported by Decrypt.
In her view, in the world of cryptocurrencies, “it is very useful to have a central bank digital currency that would serve as a bridging link.”
She added that CBDC would also establish legal standards, which, in turn, would help stimulate innovation.
“I think that stablecoins and CBDC have great potential for creating a new economy. Money should evoke the same feelings as when we turn on the lights — I don’t think about electricity, but the fact that we all use the same energy matters,” Fortune explained.
According to the BoE representative, the main focus should be on building CBDC infrastructure that enables people to conduct smoother financial transactions.
“I have no doubt that once the government puts the processes in place, they will start creating things we hadn’t even imagined,” she added.
In April 2021, the Bank of England and the Treasury formed a joint working group to study CBDC. The Lords’ Economic Affairs Committee joined the process.
However, later, BoE Governor Andrew Bailey doubted the need to create a digital pound.
In February 2023, Britain’s finance minister Jeremy Hunt stated that the launch of a CBDC would be possible in this decade, but not before 2025.