Governor Andrew Bailey has said the Bank of England is considering a digital currency.
In Brief:
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He said the bank would be heading toward a digital currency “in a few years’ time”.
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Bailey was discussing the relevance of digital currency on a webinar with students.
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Earlier this year the bank said looking at a public sector alternative to private companies springing up in the space would be important.
What does this mean?
This could mean a central bank-backed digital currency for the UK. Bailey stated that the idea had “huge implications on the nature of payments and society”.
