Bank of England Considers Introduction of a Digital Currency

 

The Bank of England considers the possibility to launch a digital currency in the United Kingdom for use by organizations and consumers.

The new currency is believed to be a digital form of central bank money and could be used by organizations and customers to make various payments. Digital money is not supposed to replace paper banknotes and physical cash but would be used along with them.

As Governor Mark Carney said, the Bank should examine how digital currency could work, mentioning that now the world is in the middle of payments’ revolution.

Head of policy at Positive Money, David Clarke noted that with the cut of physical currency, “we risk surrendering even more power over our money and payments system to unaccountable private interests.” He also added that it’s the time for the government and Bank of England work jointly to research the advantages of a digital currency, as it can provide them the possibility “to keep a form of public money and enable democratic control to be exercised over the monetary system.”

However, the Bank hasn’t decided yet on whether to introduce a digital currency, and it is planning to engage with businesses as well as individuals on the advantages, risks and practicalities of doing so.

 

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