BoE's Jon Cunliffe: Digital pound likely needed by 'end of the decade'

Concerns around privacy remain

Cristian Angeloni
clock • 3 min read

Plans to implement a ‘digital pound’ will not be decided on for a few years but its introduction is likely to happen by “the end of the decade”, said deputy governor for financial stability at the Bank of England Jon Cunliffe.

The outgoing deputy, who is set to leave his post at the end of the month after ten years at the central bank, said in a speech at the Economics of Payments XII conference at the Federal Reserve in Washington DC that the UK will likely need a digital currency to keep up with competition in the sector, but also to maintain public confidence in money. Bailey calls for 'public debate' on digital pound introduction This was because new entrants to the digital currency space could offer new payments services tied to private issuers and their systems, which he argued could lead to concerns ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Currencies

Four Graphs explaining sterling

Four Graphs explaining sterling

Four experts write

Investment Week
clock 09 January 2024 • 3 min read
BoE's Jon Cunliffe: Digital pound likely needed by 'end of the decade'

BoE's Jon Cunliffe: Digital pound likely needed by 'end of the decade'

Concerns around privacy remain

Cristian Angeloni
clock 27 October 2023 • 3 min read
Deep Dive: US dollar dominance remains despite 'loss of trust'

Deep Dive: US dollar dominance remains despite 'loss of trust'

Currency risk a ‘zero-sum game’

James Baxter-Derrington
clock 11 August 2023 • 5 min read
Trustpilot