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Bank of England sees CBDCs as a revolution for the future of money
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In an event streamed live on Wednesday, Bank of England governor Andrew Bailey and deputy governor for financial stability Sir Jon Cunliffe answered questions from lawmakers from the Economic Affairs Committee. When asked about the growth of innovation surrounding digital currencies in the country, Sir Cunliffe gave the following comment:
Sir Jon Cunliffe discussing CBDCs | Source: Parliamentlive.tv
The Bank of England is currently exploring options to implement a digital pound CBDC for retail payments. A task force behind the CBDC is also investigating the use of a digital pound for distributing payrolls, pensions, etc.
In supporting the initiative, Sir Cunliffe cites the rapidly declining use of cash in the United Kingdom in recent years —
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