‘Digital pound’ needed as cash successor, says BoE’s Cunliffe

Departing deputy governor says CBDC could be necessary by decade’s end

Jon Cunliffe
Jon Cunliffe
Bank of England

In the last speech of his tenure, Bank of England deputy governor Jon Cunliffe said a UK “digital pound” would not need to fix a specific problem to be worthwhile.

Speaking at a payments conference hosted by the Federal Reserve, Cunliffe quoted Henry Ford, who said the public’s idea of innovation would have been “faster horses”. The point of a UK central bank digital currency (CBDC) would not be to “target some particular failing or identifiable use case”.

The CBDC would instead be “a public

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