BOE’s Bailey has a vision of digital money that does not include cryptocurrencies.
Digital money, as it already exists, “entirely held in IT systems,” could be enhanced to become “a unit of money to which there is the capability to attach a lot more executable actions, for instance, contingent actions in so-called smart contracts,” Bailey said.A central bank digital currency would also be a form of enhanced digital money, Bailey said.
“Our main motivation for a retail CBDC would be to promote the singleness of money by ensuring that the public always has the option of going into fully functional central bank money that can be used in their everyday lives.” Bailey had a different view of wholesale CBDCs. The BOE has just upgraded its Real-Time Gross Settlement system. Bailey said:
“This puts us in a very strong position to deliver solutions which can integrate central bank digital money in RTGS with tokenized transactions. We think this is the fastest and most efficient route to take.”Magazine:
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