The Deputy Governor of the Bank of England John Cunliffe believes that the release of the state cryptocurrency is possible, but only if the “government money” does not lose popularity.
Speaking at the Official Forum of Monetary and Financial Institutions, John Cunliffe stated:
“All this is only being decided. But issuing a digital currency looks quite possible. If the UK wants to keep government money suitable for the general user and available to citizens, then there is a need to issue a government digital currency that will meet the needs of modern life. ”
So far, the Central Bank of England has not decided to issue its own cryptocurrency. In his speech, Cunliffe emphasized that there are many risks and benefits that need to be weighed before making a final decision.
“The launch of the state digital currency would be an extremely large state project that would have significant consequences for the entire financial sector, many sectors of the economy and society as a whole,” said the Deputy Governor of the Bank of England.
In addition, Cunliffe believes that large-scale adoption of private stablecoins is almost inevitable. Large companies with a large user base will be able to offer more convenient and functional digital currencies with lower fees, so they will quickly attract a significant number of users.
Recall that in mid-April, a special working group was created in the UK to issue the state digital currency.
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