Bank of England Deputy Governor Jon Cunliffe said policy makers are looking at using a digital version of the pound in wholesale markets, signaling the UK is moving closer to endorsing the idea.
(Bloomberg) — Bank of England Deputy Governor Jon Cunliffe said policy makers are looking at using a digital version of the pound in wholesale markets, signaling the UK is moving closer to endorsing the idea.
Cunliffe said it was a “misunderstanding of the Bank’s position” to assume that policy makers were simply looking at central bank digital currencies in a retail context, according to a text of his remarks released by the BOE in London on Monday.
“We recognize very clearly the potential transformative effect on wholesale financial markets of tokenisation of financial assets, atomic settlement, smart contracts and other emerging technologies,” he said.
Click here for a text of the speech on the BOE website.
–With assistance from Elina Ganatra.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.