The facility to support CBDCs is being developed as a “bolt-on” should the bank decide to roll out a digital currency in future.
The United Kingdom is working on plans that could lead to a digital currency, with the likelihood of adoption in a few years’ time.
Should central banks ultimately introduce digital currencies, they could be launched with the help of private companies.
Sarah John urged reserve banks to move more quickly towards developing and deploying crypto payment solutions..
Lawmakers in the United States have reached out to three major financial firms partnering with Facebook’s Libra project to urge them to reconsider their involvement.
Reuters learned Facebook had met with the Bank of England, the Treasury and regulatory officials before going public with its planned launch.
Mark Carney believes that the dollar will lose its place as the global reserve currency and adds that digital currency could take its place.
The Bank of England will redesign its Real Time Gross Settlement system, which will allow private businesses and platforms to connect to the bank through distributed ledger technology.
Bank of England Governor Mark Carney said he would still consider issuing a digital currency, although it’s not an immediate concern for the central bank.