Bank of England official Ben Broadbent has expressed optimism that the proposed UK central bank digital currency “digital pound,” could provide lucrative opportunities for businesses in the region. Earlier on Feb. 7, the Bank of England and the U.K. Treasury announced plans to explore potential use cases of a digital pound- a government-backed alternative to Bitcoin that will be developed on a private blockchain. BOE deputy governor for monetary policy Ben Broadbent said that financial services built on new technologies like blockchain could be adopted easily, Bloomberg News reported Feb. 27. He added that the digital pound “obviously brings opportunities for financial institutions, for businesses, and individuals. Specifically, the digital pound will provide a faster alternative to online payment, provide lower settlement costs to businesses, and help protect the financial stability of the pound. Broadbent said he expects to see improvements in the digital pound which will lead to a reduction in friction and cost of payment. Plans for the digital pound The Bank of England (BOE) initiated the plans to launch a digital pound following findings that cash usage in the UK has fallen to as low as 15% as of 2021. The plan to launch a digital […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
