Is Britain entering the CBDC race?

Bank of England is actively studying British digital currency, reports Andrew Bailey, the Bank’s governor. CBDC researches show the surge of interest to fiat alternatives all around the world.

British crypto — is a possible scenario

As Bloomberg reports, Bank of England governor Andrew Bailey launched a webinar with his students devoted to cryptocurrency in Britain. They studied the relevance and context of issuing local digital currency and its possible usage.

“British crypto may soon become a reality”, claimed Andrew Bailey. In his recent report the governor said that the financial entity used to discuss the framework of (hypothetical) crypto that would be supported by central bank.

Central bank digital currencies, or CBDCs, are being studied in many countries. China is obviously leading with its project of digital yuan that is already being tested in large cities. As Bailey underlined, western economies are also actively researching the opportunity of launching virtual currencies to counteract the Chinese initiative.

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