BoE's Jon Cunliffe: Digital pound likely needed by 'end of the decade'

Concerns around privacy remain

Plans to implement a ‘digital pound’ will not be decided on for a few years but its introduction is likely to happen by “the end of the decade”, said deputy governor for financial stability at the Bank of England Jon Cunliffe.

The outgoing deputy, who is set to leave his post at the end of the month after ten years at the central bank, said in a speech at the Economics of Payments XII conference at the Federal Reserve in Washington DC that the UK will likely need a digital currency to keep up with competition in the sector, but also to maintain public confidence in money. Bailey calls for 'public debate' on digital pound introduction This was because new entrants to the digital currency space could offer new payments services tied to private issuers and their systems, which he argued could lead to concerns ...