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Bank of England Debating Digital Currency Creation, Bailey Says

July 13, 2020, 2:52 PM

The Bank of England is reviewing whether it should create a central bank-backed digital currency, according to governor Andrew Bailey.

“We are looking at the question of, should we create a Bank of England digital currency,” Bailey said Monday in a webinar event with students. “We’ll go on looking at it, as it does have huge implications on the nature of payments and society.”

“I think in a few years time, we will be heading toward some sort of digital currency,” he added.

The BOE is part of a group of major central banks teaming up to assess potentially ...