Andrew Bailey, the Governor of the Bank of England (BoE), stated that he was pleased that central banks have begun to embrace the idea of CBDCs. “If this comes to pass, it will be one of the most fundamental innovations in the history of central banking,” he said. “It will move us into a new era,” BoE Governor mentioned. England has been researching its CBDC for some time now. 

England is yet to make a decision on issuing a CBCD. 

Bank of England has not been shy about the fact it is researching its own digital currency. Eventually, digital currency could replace cash and credit as forms of payment. While Britain has yet to make a decision on whether it will introduce a CBDC into the U.K., it is currently reflecting over the pros and cons with stakeholders. BoE Governor went on to say, “the prospect of stablecoins as a means of payment and the emerging propositions of CBDC has generated a host of issues that central banks, governments, and society as a whole, need to carefully consider and address.”

Central banks continue to research CBDCs. 

While England is only in the beginning phase of its CBDC research, many countries’ central banks have made significant progress in issuing a CBDC. The People’s Bank of China is the front runner among major economies to have its own digital currency. As China continues to crack down on cryptocurrencies, the central bank, on the other hand, is making progress in issuing digital yuan to the general public. The Chinese government is all set to give out $6.2 million in digital currency to Beijing citizens in a lottery system.