Bank of England: Digital pound represents 'new frontier' for payments

Jon Cunliffe to Treasury Committee

A central bank digital currency (CBDC) represents “a new frontier” for payments, the Bank of England’s deputy governor for financial stability Jon Cunliffe has said.

In a Treasury Committee session today, Cunliffe said that following the launch of a consultation from the central bank on digital currency this month, the Bank was now preparing for "the next stage" for the introduction of a ‘digital pound'. The deputy governor said the delay in the consultation, which had been pushed from late last year, was due to major events occurring in the economy at the end of 2022. While the bank has still not decided whether to actually introduce a CBDC, Cunliffe said it had decided it was "more likely than not" and had decided to prepare for it. "If we ju...