Opportunities Abound for Business With Digital Pound, Claims Bank of England

A Bank of England executive has stressed the importance of the digital pound and its benefits for business at the Annual BEAR Research Conference in London.

Ben Broadbent, the deputy governor for monetary policy, emphasized the advantages of the digital pound at a Bank of England conference. The Bank of England executive further mentioned that their “keenest interest” is to regulate the new payment technologies.

Digital Pound Will Bring in New Opportunities for Businesses

Broadbent says, “The experience of digitalization so far is that new products and services enabled by new technologies can be adopted very rapidly at scale. This obviously brings opportunities for financial institutions, for businesses, for individuals. We would expect to see continued improvements, reductions in friction and cost of payment.”

On Feb. 7, the Bank of England and the Financial Ministry released a consultation for its central bank digital currency (CBDC). The consultation paper that closes on Jun. 7, seeks public opinion on the need for the digital pound.

The government has also released a consultation on crypto regulations to seek feedback from industry stakeholders. With these consultations, the is in the second stage of its phased approach to regulating cryptocurrency.

London – the Crypto Hub

As the U.K. moves towards greater crypto regulations, the crypto service provider Recap listed London as the top global crypto hub city.

Across the pond, the USA is driving away crypto businesses with strict regulatory conditions. There is a firm belief that countries with ambitions to become crypto hubs will attract significantly more crypto businesses than the U.S.

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