Director of Financial Technology Development of the Bank of England Tom Mutton said at the conference “The Future of Fintech” that government digital currencies will become the safest money.
Matton said that before the launch of state digital currencies, a huge amount of work remains to be done, both to create the currencies themselves and to change the regulatory documents.
“The digital pound will be controlled by the Bank of England and will be the safest money available,” Matton said.
He also stressed that government cryptocurrencies will differ significantly in architecture from private stablecoins. At the same time, it is necessary to ensure the ability to convert “private” money into “public” money – this will increase confidence.
Matton was quite careful in the wording and did not directly announce the upcoming release of the digital pound. However, he expressed his commitment to blockchain, stating that although Bitcoin has been criticized, the technology itself should not be criticized.
“Everyone agrees that it is first necessary to have a good understanding of the pros and cons of the state cryptocurrency. It is necessary to conduct an in-depth study of the issue, and before making a decision, to hold public consultations, ”said Matton.
Earlier, the deputy governor of the Bank of England, John Cunliffe, said that the issue of a digital pound sterling is quite possible.
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