The Bank of England is currently discussing the issue of creating a central bank-backed digital currency, according to governor Andrew Bailey.
“We are looking at the question of, should we create a Bank of England digital currency. I think in a few years time, we will be heading toward some sort of digital currency,” he said in a webinar event with students on Monday.
Bank of England belongs to a group of major central banks that assess potentially developing their own digital currencies, acknowledging their role is being challenged by new technologies and private sector initiatives such as Facebook Inc.’s Libra.
Back in February, Sarah John, Chief Cashier and Director of Notes at the Bank of England, made a similar statement:
“Central banks are clearly right when they are reviewing whether the public or private sector will be able to offer the best digital currency in the future.”