BoE deputy governor Jon Cunliffe has provided some potential CBDC functions and benefits that are currently not present in the existing financial system.
The United Kingdom is not ready to issue a central bank digital currency just yet as the Bank of England doesn’t have enough expertise at the moment, according to a deputy governor.
“But to move to the next stage, which would be to build a working prototype, to test in a simulated environment and then you'd be into testing in a live environment, then implementation. This next phase is designed to put us in a position to do that,” the deputy governor stated. “We didn't want a system in which there were two forms of Bank of England money circulating, remunerated and unremunerated. And also we didn’t want a system where we would be producing something which would have the characteristics of a savings product.”
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