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 UK Discusses Viability of "Digital Pound" "We're launching a new taskforce between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency (CBDC)," Sunak told a financial industry conference.
Soon after, Sunak tweeted the single word "Britcoin" in reply to the finance ministry's announcement of the taskforce. |
 The Bank of England and HM Treasury have today announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential UK CBDC. A CBDC would be a new form of digital money issued by the Bank of England and for use by households and businesses. It would exist alongside cash and bank deposits, rather than replacing them. |
Christine Lagarde emphasizes the importance of Digital Euro in the midst of global Pandemic. In her opening speech in Singapore FinTech Festival in 1918 Christine Lagarde had said: "Distinguished guests, ladies
and gentlemen - good morning and thank you for the opportunity to participate in
this important event. In
Singapore, it is often windy. Winds here bring change, and opportunity.
Historically, they blew ships to its port. These resupplied while waiting for
the Monsoon to pass, for the seasons to change. 'Change
is the only constant,' wrote the ancient Greek philosopher, Heraclitus of
Ephesus." 2 years after this speech, in Paris Europlace International Financial Forum in October 2020, Christine Lagarde points out the urgency of accelerating the move towards digital currencies including digital Euro due to worldwide effects of pandemic. The question is when the digital currency - Euro will be ready?According of Central Bank of Europe, a decision will be made towards the middle of 2021 whether to launch a digital Euro project. |
Talked about since 2018 as in the video.
A number of central banks are creating and testing sovereign digital currencies amid #Covid19 crisis. The race among central banks to launch sovereign digital currencies is heating up. China has made considerable progress, with hopes of using its digital currency to help internationalize the yuan. China, the world’s largest mobile payment market, has been among the most vocal about digital currencies, with Beijing seeing it as an opportunity to further promote use of the yuan amid growing tensions with Washington. “Some central banks see [digital currencies] as a useful tool, especially to go fully cashless,” said Leonhard Weese, president of the Bitcoin Association of Hong Kong. He added “I assume that some central banks are more interested in these policy goals and monetary tools than others.” Bank of England governor Andrew Bailey said the central bank has been looking into the possibility of issuing a digital currency. “We’ll go on looking at it, as it does have huge implications on the nature of payments and society,” Bailey was quoted by Bloomberg as saying in July. “I think in a few years’ time, we will be heading toward some sort of digital currency.” The US Federal Reserve has remained largely quiet over a digital US dollar. In February, when US Federal Reserve chairman Jerome Powell was asked by the US House Committee on Financial Services to discuss China’s progress with its national digital currency, he took a cautious tone on the idea of rolling out. We will see soon see which countries will be leading on this front to change the workings of outmoded structures of the societies for the betterment of the world human population as a whole amid growing disaster of the world pandemic. Read more on the development of Chinese Digital currency >> |