On 12th March this year, the day after the World Health Organisation formally declared the outbreak of COVID-19 a pandemic and only three days before the end of Mark Carney’s term as Governor of the Bank of England (BoE), the BoE released a fascinating discussion paper that was, understandably, largely overlooked by the wider world and so did not get the attention it deserves. The discussion paper explored the opportunities and challenges posed by a Central Bank Digital Currency (CBDC) and invited responses from interested parties. This a clear demonstration that the BoE is ready to embrace technological innovation with open arms, and is part of the trend of central banks to consider the merits of digital fiat currencies.
Continue read: https://www.mondaq.com/uk/fin-tech/962516/central-bank-digital-currencies-the-future-of-fintech
