Implementation of CBDC in England may be beneficial for the wider financial ecosystem


Ben Broadbent, deputy governor of monetary policy at the Bank of England, noted that they are closely monitoring the development of the central bank's digital currency (CBDC). He said it would revolutionise payment systems and make them much simpler. He added that thanks to digitalisation, new technological products and services can be quickly implemented in a wide range of areas. This opens up new perspectives for financial institutions, businesses and individuals. According to Broadbent, if implemented correctly, CBDC has the potential to improve the costs associated with payments. In the case of a positive decision, the system would be called "Britcoin".

In general, CBDC could be a solution to the potential danger posed by private digital currencies such as Bitcoin. Earlier, John Cunliffe, deputy governor of the Bank of England, commented that the growth of cryptocurrencies could put the financial system at risk.

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