The Bank of England's CBDC lead Katie Fortune suggests the potential of a mixed ecosystem of different forms of money that can coexist between Bitcoin and asset-backed stablecoins. CBDCs, or central bank digital currencies, are digital transactions that track the price of a fiat currency, such as the dollar or pound. They could be used as a 'bridging asset' between the different forms of money, helping to set standards, boost innovation and ensure uniformity, something Fortune calls a social good.

The potential of a digital pound, or “Britcoin,” has been growing in recent months, with some estimating it will be in use by the end of the 2020s. What remains is to identify practical use cases, and Fortune believes the main ones will be in retail payments and e-commerce. The challenge lies in the infrastructure, which needs to be smooth and efficient, allowing for the delivery of services users don’t even know they need.

As the CBDC lead for the Bank of England, Fortune has a unique understanding of how the different forms of money could coexist within one ecosystem. She believes that by providing a bridge between the different forms of money, of which Bitcoin is only one, the key is to create a unified system that enables innovation and uniformity. This is critical to ensure that users continue to receive the same services, no matter their chosen platform.

The potential of CBDCs and other forms of crypto, such as Bitcoin and stablecoins, has the potential to revolutionize current financial systems, if implemented carefully and thoughtfully. With Katie Fortune’s unique insights into the way all these forms of money can exist together, the Bank of England’s drive to create a digital pound could bring about the most seamless way for users to access digital money in the future.



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