BoE Deputy Governor: Central Bank Digital Currencies Are “Worth Looking At”

According to Bank of England deputy governor Dave Ramsden, developing a synthetic central bank digital currency is “worth looking at.”

Ramsden who oversees payments and fintech said currently, the UK central bank is “very focused” on what needs to be done to provide infrastructure to encourage private innovation.

Now, creating a digital currency with other central banks is “worth looking at because there is a big issue with the cost and efficiency of payments” across borders.

This idea was also raised by BoE governor Mark Carney, who back in August during a speech in Jackson Hole, Wyoming talked about replacing the dollar as a reserve currency with a stablecoin like Facebook’s Libra.

On Tuesday in London, the BOE chief said currency offerings to business and consumers are “not good enough in this day and age.”

“We should always be challenging ourselves on whether we do more, because the consumer demand, both in advanced economies and in developing economies, is for greater efficiency,” Ramsden told Bloomberg. “There’s a big prize here.”

This week, European Central bank member Benoit Coeure said the regulators have to be prepared for revolution in digital currency space and central banks must adapt. Earlier this month he said Libra was a “wake-up call” for central banks while Germany’s Finance Minister, Olaf Scholz, said:

“We encourage European central banks to accelerate work on issues around possible public digital currency solutions.”

Meanwhile, some of the G20 central banks are experimenting with central bank digital currency (CBDCs). China is one of the prime examples that are “almost ready” with its sovereign digital currency.

The US is not considering issuing a CBDC right now but “following very carefully.” Japan and South Korea are other countries without a plan to issue a central bank digital currency. Russia has repeatedly indicated its plans to issue a CBDC, but not in the immediate future. India, on the other hand, is working on a draft bill for the same.

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