‘Digital sterling’ could bring benefits but would reshape banking – BoE’s Broadbent

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Ben Broadbent. Photo: BoE
Bank of England

A central bank-issued digital currency could bring significant benefits but could also entail a redesign of the banking system, Bank of England (BoE) deputy governor Ben Broadbent said on July 19.

"Digital sterling" could cut transaction costs and boost growth, as well as giving the BoE a new monetary policy tool – ideas set out in a recent BoE staff working paper by John Barrdear and Michael Kumhof. But it could also have a major impact on bank funding models, Broadbent said.

One potential

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