Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Cryptos

UK may issue digital currency – BoE deputy governor

Ajibola Akamo by Ajibola Akamo
May 14, 2021
in Cryptos, Currencies
UK may issue digital currency – BoE deputy governor
Share on FacebookShare on TwitterShare on Linkedin

The Bank of England’s deputy governor, Jon Cunliffe, has argued that with the rise of non-bank actors issuing currency, public money in digital form could serve as an important factor to boost confidence in money as a social convention.

In a speech made by Jon Cunliffe at the OMFIF Digital Money Institute in London, he explained the trends in the widespread use of private money issued by commercial banks and how the COVID-19 pandemic aided the shift from public to private money for everyday payments.

With this shift away from public money, Jon Cunliffe predicts that newer technologies are likely to spark change in the use and concept of money.

RelatedPosts

Bank of England to jettison mortgage affordability rule from August 1

Bank of England increases interest rate to the highest since 2009

READ: US Tech Boom: 7% increase in valuation as 2 fresh billionaires cross the $100bn mark

Tokenization and distributed ledger technologies (PoW and PoS), particularly when deployed by tech companies, are likely to provide the public with a flexible and data-driven means of exchange that offer new functionalities in the digital world.

News continues after this ad


This is evident in new phenomena such as stablecoins, programmable money, smart contracts and micro-payment channels. Jon Cunliffe said that central banks around the world are already asking questions about how to adapt existing regulatory frameworks that are currently designed for commercial bank money circulation with these new phenomena.

READ: XRP posts record gains over reports Ripple plans to go public

News continues after this ad


Cunliffe further argued that new forms of private money likely make a strong case for the introduction of public digital money (e.g. a central bank digital currency, or CBDC) to increase public confidence in the uniformity of money. “It looks probable in the UK that if we want to retain public money capable of general use and available to citizens, the state will need to issue public digital money that can meet the needs of modern-day life,” he said.

He further stated, “Perception that there is no route out of private money, that there is no access to safe liquid assets backed by the state, could undermine confidence.”

A CBDC, from this perspective, would be essential to ensuring financial stability nationwide.

Related

Tags: Bank of Englandcentral bank digital currencyJon Cunliffe

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Collaboration, Key to Driving Growth in Nigeria’s Financial Industry
    • Aliko Dangote’s wealth drops to $19 billion, now 80th world’s richest
    • Coroner says 21-storey Ikoyi building collapsed due to negligence by regulatory agencies

    Follow us on social media:

    Recent News

    Collaboration, Key to Driving Growth in Nigeria’s Financial Industry

    Collaboration, Key to Driving Growth in Nigeria’s Financial Industry

    August 10, 2022
    Dismantle trade barriers to grow Africa’s economy, Dangote urges leaders

    Aliko Dangote’s wealth drops to $19 billion, now 80th world’s richest

    August 10, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com