HOW CAN THE BoE MAKE SURE STRIKES THE RIGHT NOTES? The Bank of England has set a deadline of 2030 for the development of a central bank digital currency (CBDC) in the UK. This would be a new type of money issued by the BoE for everyone to use in day-to-day spending. It isn’t designed to replace cash. Its value will be directly bound to sterling. It’s a ‘digital’ pound. Or better yet, a Britcoin, as many have now dubbed it. All of this points to innovation in financial services and payments systems. Cryptocurrencies like Bitcoin became world-renowned flag bearers for the ongoing digitisation of cash. Technology is changing what is possible across industries - shifting consumer behaviours, preferences and expectations in the process. But designing and creating a new type of currency isn’t easy. Rebecca Bezzina SVP Managing Director R/GA London Finance Monthly. Financial Innovation & FinTech 55
RkJQdWJsaXNoZXIy Mjk3Mzkz