During a speech yesterday, the Bank of England’s Sasha Mills outlined the need for tokenized wholesale transactions to be settled in central bank money. Ms Mills is the Executive Director of Financial Market Infrastructure.
“If central bank money is unable to interact with new technologies, there could be a risk of high value wholesale settlement activity moving away from central bank money to private settlement assets, weakening financial stability,” she said.
Ms Mills outlined some of the options to ensure transactions continue to be settled in central bank money. That’s especially relevant since applications opened for the Digital Securities Sandbox, a joint initiative between the Bank and the Financial Conduct Authority.
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