CandleFocus Bank of England Governor supports wholesale and retail CBDCs
2024-11-06
Author: Content Editor
The Governor of the Bank of England, Andrew Bailey, has suggested that the central bank is considering the development of a digital pound for both wholesale and retail payments. During a speech at a banking seminar, Bailey highlighted the potential for digital technology to modernize payment systems, including preventing fraud and solving late payment issues for firms. He argued that a central bank digital currency (CBDC) is crucial for wholesale high-value payments, while the preferred option for retail payments would be for them to remain in commercial bank money. The Bank of England has previously published a discussion paper on CBDCs and real-time gross payment solutions. The central bank has been exploring CBDCs as it looks to update its existing payment system.
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