Bank of England Governor: Open to the Idea of a Central Bank Digital Currency

The Governor of the Bank of England Mark Carney said at the Riksbank Anniversary conference that he was open-minded about the prospect of a central bank digital currency (CBDC), Bloomberg reports May 25. Riksbank is the central bank of Sweden.

While he reportedly is not opposed to the idea of implementing a CBDC, Carney stressed that any such adoption of a digital currency would not happen soon. The UK central bank governor stated that cryptocurrencies do not currently constitute money.

In February of this year, Carney sharply criticized cryptocurrency at an event at London’s Regent’s University, saying that, “It [cryptocurrency] has pretty much failed thus far on… the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange.”

Earlier this month, the Bank of England issued a working paper, laying out various scenarios of possible financial risks and instability issues of using a CBDC…

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