{"id":557786,"date":"2023-02-28T16:29:26","date_gmt":"2023-02-28T13:29:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bank-of-england-has-no-tech-skills-to-issue-cbdc-yet-deputy-governor\/"},"modified":"2023-02-28T16:29:26","modified_gmt":"2023-02-28T13:29:26","slug":"bank-of-england-has-no-tech-skills-to-issue-cbdc-yet-deputy-governor","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bank-of-england-has-no-tech-skills-to-issue-cbdc-yet-deputy-governor\/","title":{"rendered":"# Bank of England has no tech skills to issue CBDC yet: Deputy governor"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a292b197d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a292b197d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bank-of-england-has-no-tech-skills-to-issue-cbdc-yet-deputy-governor\/#%E2%80%9D_Bank_of_England_has_no_tech_skills_to_issue_CBDC_yet_Deputy_governor_%E2%80%9C\" >&#8221; Bank of England has no tech skills to issue CBDC yet: Deputy governor &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bank_of_England_has_no_tech_skills_to_issue_CBDC_yet_Deputy_governor_%E2%80%9C\"><\/span>&#8221; Bank of England has no tech skills to issue CBDC yet: Deputy governor &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvOTQ1ZDhiMzUtN2MwOC00NjdhLTgxM2YtMGY4NGZhZjViYjc3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>According to a deputy governor, the United Kingdom is not ready to issue a central bank digital currency (CBDC) just yet, as the Bank of England (BoE) doesn\u2019t have enough expertise.<\/p>\n<p>There is more than a 50% chance that the central bank of the United Kingdom would issue a CBDC, but the regulator doesn\u2019t have the technical skills to issue a digital currency yet, BoE deputy governor Jon Cunliffe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/parliamentlive.tv\/event\/index\/5cd9043e-479f-4936-966e-83e835891bdd#player-tabs\">declared<\/a> at the treasury select committee hearing on Feb. 28.<\/p>\n<p>Cunliffe said that the BoE expects to get the necessary expertise to move forward with the CBDC development in the next phase, with the central bank planning to test a potential digital pound with private sector partners.<\/p>\n<p>\u201cBut to move to the next stage, which would be to build a working prototype, to test in a simulated environment and then you\u2019d be into testing in a live environment, then implementation. This next phase is designed to put us in a position to do that,\u201d the deputy governor stated.<\/p>\n<p>Cunliffe stressed that the design and structure of a potential digital pound would vary greatly, depending on the motivation of the CBDC. BoE\u2019s basic motivation here would likely be providing digital cash, or the digital equivalent of BoE notes, for \u201c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> payment purposes,\u201d he said, adding:<\/p>\n<blockquote><p>\u201cWe didn\u2019t want a system in which there were two forms of Bank of England money circulating, remunerated and unremunerated. And also, we didn\u2019t want a system where we would be producing something which would have the characteristics of a savings product.\u201d<\/p><\/blockquote>\n<p>The deputy governor also highlighted some potential CBDC functions and benefits currently not present in the existing financial system.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>UK is \u2018likely\u2019 to need digital currency, says BoE and Treasury: Report<\/em><\/strong><\/p>\n<p>Comparing a potential digital pound with <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le\u2019s iPhone app store, Cunliffe said that a CBDC is about \u201copening a new frontier for people to improve payments and the way in which money is used.\u201d He mentioned micropayments as a major potential use case for a digital pound, stating:<\/p>\n<blockquote><p>\u201cThis will be much, much easier for you to make very, very small payments. So if you wanted to read an article in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>paper, you wouldn\u2019t have to subscribe to the newspaper. You could pay tiny fractions to do that.\u201d<\/p><\/blockquote>\n<p>The news comes amid the U.K. government growing increasingly involved in the CBDC development, with the Treasury opening a position to lead the development of a digital pound in January 2023. Previously, BoE governor Andrew Bailey reportedly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.kitco.com\/news\/2023-01-17\/Bank-of-England-governor-doubts-digital-pound-as-EU-finance-ministers-support-euro-CBDC.html\">expressed<\/a> doubts about the necessity of a CBDC in the short term, while European finance ministers once again showed support for a retail version of the digital euro.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bank-of-england-has-no-tech-skills-to-issue-cbdc-yet-deputy-governor\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bank of England has no tech skills to issue CBDC yet: Deputy governor &#8220; According to a deputy governor, the United Kingdom is not ready to issue a central bank digital currency (CBDC) just yet, as the Bank of England (BoE) doesn\u2019t have enough expertise. There is more than a 50% chance that the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":557787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/945d8b35-7c08-467a-813f-0f84faf5bb77.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75044,75046,75022,74355,70934,4966],"class_list":["post-557786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bank-of-england","tag-cbdc","tag-central-bank","tag-adoption","tag-regulation","tag-united-kingdom"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=557786"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/557786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/557787"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=557786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=557786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=557786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}