Proposals have “tremendous potential” to spur payment innovation
IN BRIEF:
Innovate Finance submitted its views to a joint consultation by the Treasury and the Bank of England
Consultation aims to determine whether the UK should build a state-backed digital asset and how this should be approached
The Treasury and Bank of England launched a consultation in February to gather industry views, extending the deadline to the end of June
What does this mean?
“Innovate Finance is confident that the digital pound, alongside a broader ecosystem of digital payments, including stablecoin, will solidify the United Kingdom’s position as a global leader in payments innovation,” said Janine Hirt, CEO of Innovate Finance.“The adoption of a retail digital pound, as proposed by the Bank of England, has tremendous potential to stimulate innovation across various domestic markets including rental and e-commerce, foster financial inclusion solutions through integration with a renewable digital ID, and significantly reduce the cost of making and receiving payments for small and medium-sized enterprises across the country.”
