Yesterday the Head of Future Technologies at the Bank of England, William Lovell, shared his views on the progress of UK central bank digital currency (CBDC) research. In the blog post, he envisaged a digital future where different apps based on a CBDC can deal with the various use cases that cash currently addresses. The Bank of England is seeking feedback on CBDCs and stablecoins by early next week.
“Currently, the Bank of England (BoE) is actively exploring the case for a possible central bank digital currency (CBDC). I should point out, though, that no decision has been made at this time,” wrote Lovell
When it comes to CBDC research, each country has specific motivations and design issues. Countries such as Sweden are ramping up their CBDC testing due to the rapid decline in cash usage. Last year, GlobalData identified Finland, Sweden and China as the leaders in the race to a cashless society. The U.K. was not far behind in the fifth spot. While Lovell did not mention the global ranking, he highlighted that cards overtook cash usage in the UK several years ago.
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