Bank of England says it is not in a hurry to launch the digital pound “Britcoin”
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The Bank of England said that it is not currently in a hurry to launch a retail digital pound.
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Bank of England: Not in a hurry to launch the digital pound “Britcoin”
PANews October 13 reported that, according to Bloomberg, Bank of England Deputy Governor Sarah Breeden said during the International Monetary Fund (IMF) annual meeting that the UK is currently not in a hurry to launch a retail central bank digital currency, namely the digital pound “Britcoin”. Whether to proceed with the digital pound project depends on whether other innovative payment solutions, such as commercial stablecoins and banks’ tokenized deposits, can realize the benefits brought by tokenization. She also stressed that she hoped UK businesses could successfully develop pound sterling stablecoins, so that UK residents and businesses would not be limited to using innovative payment services through USD stablecoins.
PANews relayed a Bloomberg report that Bank of England Deputy Governor Sarah Breeden said during the IMF annual meeting that the UK is currently not in a hurry to launch a retail central bank digital currency.
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Whether to proceed with the digital pound project depends on whether payment solutions such as commercial stablecoins and banks’ tokenized deposits can realize the benefits brought by tokenization.
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Sarah Breeden said that she hoped UK businesses would develop successful pound sterling stablecoins, so that UK residents and businesses would not be limited to using innovative payment services through USD stablecoins.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The Bank of England is not currently in a hurry to issue the digital pound, but is observing the effectiveness of payment methods such as stablecoins and banks’ tokenized deposits. At the same time, the Bank of England hopes that domestic businesses will develop pound sterling stablecoins.
Why it matters to readers
This indicates that whether to proceed with the digital pound still depends on the development of other payment innovations, while pound sterling stablecoins have also attracted attention.
The digital pound is a retail digital currency backed by the Bank of England; stablecoins generally refer to digital tokens that seek to maintain a relatively stable value.
Risks and unknowns
The information was reported by PANews, which relayed a Bloomberg report; the evidence does not include the full text of the Bank of England’s original remarks or an official announcement.
The evidence does not state whether the digital pound will ultimately be launched, nor does it provide a specific decision timetable.
The evidence does not provide the issuer, rules, or actual adoption of pound sterling stablecoins.
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Related concepts
central bank digital currency
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