The latest voice adding to the chorus of support for a digital currency is that of Sarah John, the Bank of England’s chief cashier. She says it is “crucial” that central banks take action fast.
UK Digital Currency Starting to Look More Likely
Like a deck of cards, more and more superpowers are folding to the notion of issuing their own central bank digital currencies (CBDCs).
As Japan presses ahead with plans for a digital yen to counter threats from China, the Bank of England’s chief cashier speaks out in support of a digital pound.
There has been no official confirmation from the Bank of England over the issuance of a digital pound. However, the argument is growing that the UK must make moves to counter the effects of giant tech companies and CBDCs.
This weekend, the Bank of England’s chief cashier, Sarah John, showed her support for an official cryptocurrency in the UK. She argued that it was “crucial” that central banks stepped in before they lost out to tech conglomerates.
John is responsible for issuing banknotes at the Bank and told The Telegraph on Saturday:
It is absolutely right that central banks think about whether a public sector or private sector would be best to provide a digital currency going forward.
Central Banks Must ‘Quicken the Pace’
The global pace for nation-states to issue their own currencies has been sped up by Facebook’s plans to launch Libra.
Indeed, the news that China would be steaming ahead with its own digital currency came just days after the Facebook CEO defended Libra in front of the U.S.