Cunliffe explained that private banks will have to adapt to survive in the new financial system and pointed out that Bank of England’s “job is to ensure that if bank business models change, we manage the financial and macro-economic consequences of” the shift. Furthermore, he said that CBDC research should be prioritized to avoid the private sector deploying digital currencies before public institutions:
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6 central banks team up to explore digital currencies
England’s apex bank is joining forces with the Bank of Canada, the Bank of Japan, the European Central Bank, and others to study use cases for central bank digital currencies
The Bank of England’s statement said the group will explore “CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.”
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England’s central banker touts digital currencies over U.S. dollar
Even Facebook’s Libra might be a good way to end America’s ‘domineering influence’ as the provider of the world’s reserve currency, said Mark Carney
The governor of the Bank of England just touted digital currencies as a possible replacement for the U.S. dollar as the world’s reserve currency. Such a digital asset, whether backed by central banks or even Facebook’s Libra stablecoin, would “dampen the domineering influence of the US dollar on global trade,” Mark Carney said in a speech on August 23 to the 2019 Economic Policy Symposium in Jackson Hole, Wyo.
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Christine Lagarde’s nomination to head the ECB is good news for Facebook’s Libra, says eToro’s Mati Greenspan
The European Central Bank’s incoming leader will bring a positive outlook on digital assets
Facebook’s new Libra stablecoin got a break in Europe last week with the announcement that Christine Lagarde has been nominated to be the new head of the European Central Bank, says eToro’s senior market analyst, Mati Greenspan.
