Bank of England Deputy Governor Breeden: No Rush to Launch Central Bank Digital Currency

Odaily reports: Bank of England Deputy Governor Sarah Breeden stated that, given the many other developments underway in the digital payments space, there is no rush to introduce a central bank digital currency to the public.

Speaking to the Atlantic Council at the IMF annual meetings in Bangkok, Breeden said the decision on whether to proceed with a retail CBDC (known as "Britcoin" in the UK) will depend on "what other ways we can get the benefits of tokenization and innovation." Breeden emphasized that the Bank of England wants domestic firms to develop a successful sterling stablecoin, providing an alternative in a market dominated by dollar stablecoins and preventing UK residents and businesses from having to rely solely on dollar stablecoins to access innovative payment services.