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BoE Policymaker Says Digital Currencies Could be Part of ‘New Monetary Order’

by CBDC Insider
November 20, 2020
in Business, Europe
Reading Time: 1min read
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BoE Policymaker Says Digital Currencies Could be Part of ‘New Monetary Order’
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The Bank of England, or BoE, is broadening its assessment of digital currencies, including evaluating how these assets could form the basis of a “new monetary order.”

Andy Haldane, the bank’s chief economist and sitting member of the Monetary Policy Committee, gave a speech on Wednesday at the TheCityUK 10th Anniversary Conference.

The 19-page transcript, titled “Seizing the Opportunities from Digital Finance,” delves into various topics related to digital currencies and their impact on financial stability and monetary policy.

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The “traditional model of banking would be disrupted” by a widely used digital currency, Haldane said, adding that more attention needs to be given “to the potential longer-term benefits of such a structural shift.”

One such benefit is the emergence of so-called narrow banking, which would partially segregate banks’ “safe” payments-based activities from their riskier credit business.

Haldane said:

“In principle, separating safe payments and risky lending activities could lead to a closer alignment of risk and duration on the balance sheets of those institutions offering these services.”

Read more: https://cointelegraph.com/news/boe-policymaker-says-digital-currencies-could-be-part-of-new-monetary-order

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