Bank of England unveils the consultation paper for its digital pound project BankofEngland BoE centralbankdigitalcurrency
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!
“A digital pound would help to ensure that central bank money remains available and useful in an ever more digital economy, continuing to bolster UK monetary and financial stability while safeguarding the UK’s monetary sovereignty in a changing global financial system,” Chancellor of the Exchequer Jeremy Hunt and Bank of England Governor Andrew Bailey said in a statement.
The consultation paper is meant to pitch the idea of a digital pound to the public and solicit comments on the proposed design to help the central bank determine if the creation of a digital pound is warranted. The ultimate goal of the paper is to help increase public engagement and work to enhance public trust in the event that a digital pound is launched.
The paper is seeking feedback from the public on the policy and technical work that has been completed so far to help determine whether or not to move forward with creating the infrastructure needed for a digital pound. “A limit on individual holdings would be intended to manage those risks by constraining the degree to which deposits could flow out of the banking system. That is important during the introductory period as we learn about the impact of the digital pound on the economy,” the paper said.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Premarket: Sell-off fizzles out ahead of Fed, ECB and BoE speechesFed chair Jerome Powell is scheduled to speak around midday on Tuesday
Read more »
Years before $48M jackpot, winner emptied piggy bank for charityA childhood photo that made the news is part of the amazing story of Juliette Lamour, the 18-year-old Ontario student who won a huge Lotto 6/49 prize — on her very first ticket
Read more »
Bank of Nova Scotia expands its U.S. credit businessThe bank has hired a New York-based team to launch a structured loan business targeting a US$1-trillion market
Read more »
Years before $48M jackpot, winner emptied piggy bank for charityAn old SooToday photograph is part of the amazing story of Juliette Lamour, the 18-year-old who won one of the biggest lotteries in Canadian history — on her first-ever ticket
Read more »
Israeli troops kill 5 Palestinian gunmen in West Bank raidIsraeli forces killed five Palestinian gunmen linked to the Islamic militant Hamas group in a raid on refugee camp in the occupied West Bank on Monday, the latest bloodshed in the region that will likely further exacerbate tensions.
Read more »
Israeli troops kill 5 Palestinian gunmen in West Bank raidIsraeli forces killed five Palestinian gunmen linked to the Islamic militant Hamas group in a raid on a refugee camp in the occupied West Bank on Monday, the latest bloodshed in the region that will likely further exacerbate tensions.
Read more »