The Bank of England (BOE) official claims that technologies such as digital currencies can offer new opportunities.
The frenzy created by cryptocurrencies also managed to affect traditional financial products. Many corporate companies have started to carry out various studies in order not to fall behind with new technology. In addition, mobility continues in many countries on blockchain and digital assets. The senior manager of the Bank of England, who made specific statements on the subject, describes digital currencies as an opportunity.
BOE Official Positive About Digital Pound
Ben Broadbent, the Bank of England’s (BOE) vice-president for monetary policy, said that the Bank of England is warmly approached towards CBDCs.
Broadbent stated that new technologies such as digital currencies are a lucrative opportunity for businesses. The BOE official spoke at the start of a research conference. In this speech, Broadbent mentioned the following;
“The experience of digitalization to date is that new products and services enabled by new technologies can be adopted very quickly at scale. It is clear that this brings opportunities for financial institutions, businesses and individuals. We expect to see continuous improvements, reductions in friction and reductions in payment costs.”
According to Bloomberg’s report, BOE and UK Treasury officials have focused on a structure similar to cryptocurrencies such as Bitcoin. These officials are working on a Britcoin that will be backed by central bank reserves.
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