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25 June 2021

BoE tackles ‘difficult and pertinent’ questions about digital money

BoE tackles ‘difficult and pertinent’ questions about digital money

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In the case of stablecoins — i.e., privately issued digital currencies that are designed to maintain parity with the value of various fiat currencies — the BoE paper emphasized that it remains difficult to gauge future demand and thus the scale of their potential impact, as they remain marginal at present.

Highlighting stablecoins’ significance, the BoE has noted that commercial banks have never before faced a system-wide displacement of the deposits they create and thus may need to adapt their balance sheets in response to potential outflows just in order to sustain their current liquidity ratio.

In the case of central bank digital currencies, or CBDCs, the BoE has focused its attention on the need to ensure the broadest financial inclusion possible and has also taken on feedback from outside the central bank that has advocated for ensuring the privacy of CBDC transactions. 

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