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UK May Launch Digital Currency Under Certain Circumstances: Bank of England Rep

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Fri, 05/14/2021 - 10:44
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Yuri Molchan
Sir Jon Cunliffe of BoE has assumed that UK may issue a CBDC if they want to keep public money available to citizens
UK May Launch Digital Currency Under Certain Circumstances: Bank of England Rep
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Deputy Governor for financial stability of the Bank of England, Sir Jon Cunliffe, has given a speech about how high the chances are that the BoE will launch its own digital currency (CBDC).

Demand for digital cash is rising

Jon Cunliffe stated that the demand for digital currencies has been growing since last year due to the pandemic that forced many countries to implement lockdowns in March 2020, and economies around the world have been hit rather hard.

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BoE toys with CBDC idea but prefers physical cash

Still, as per Cunliffe, demand for cash also remains high, so the bank intends to provide UK citizens with banknotes. Besides, they are working with other entities to keep the use of physical cash high in the country.

However, Cunliffe emphasized, it is probable that BoE will finally issue its digital currency (CBCD, which is now being referred to as "Britcoin") to keep public money available to citizens.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.