- The Bank of England Deputy Governor Jon Cunliffe recently said that Britain is competing in the Central Bank Digital Currency (CBDC) race.
- Britain’s push for a digital pound was influenced by newly elected Prime Minister Rishi Sunak, who is a believer and supporter of the crypto industry.
- When asked about the delay in public consultation on their digital pound, Cunliffe stated that Britain was not lagging behind other advanced economies.
Britain Competes In CBDC Race
On Tuesday, Bank of England Deputy Governor Jon Cunliffe said Britain is competing in the Central Bank Digital Currency (CBDC) race. This update comes months after the region announced its newly elected prime minister, Rishi Sunak, who is said to be a believer and supporter of the crypto industry. So far, Sunak has demonstrated more interest in stablecoins which has also played a massive role in Britain’s push for a digital pound.
Delay Of Public Consultation On Digital Pound
At the Bank of England’s financial stability report, lawmakers questioned the delayed public consultation of the digital pound. Cunliffe assured them that Britain was not lagging and is working on its own CBDC. He noted that this could have huge benefits for both economy and society.
Race For CBDC Heats Up
The race for CBDC has heated ever since private sector rushed launch captured public attention and adoption with stablecoins. According to leading financial industry officials, launching a digital pound would help improve payment advances and make London become a “competitive” global financial center.