So if you had a problem, you would not complain to Governor Bailey but your bank, just like now. You would be able to keep digital pounds in your own digital wallet, held by your own bank. If the Bank of England was to issue a CBDC, it would not be a cryptocurrency, but central bank electronic money that could be used by households and businesses to make payments – in essence a digital banknote. The use of the word “currency” is misleading. CBDCs may not yet be the talk of the town, but their creation would change the plumbing of our entire financial system.įirst, the basics. No meeting of bank governors is complete without the acronym “CBDCs” on the agenda. As if they haven’t got enough on their plates in dealing with inflation, central banks the world over are looking at introducing so-called “central bank digital currencies”.
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