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Bank of England sees no rush to launch digital pound, points to stablecoins

Bank of England Deputy Governor Sarah Breeden said there is no urgency to launch the UK's proposed digital pound, noting that stablecoins and tokenized deposits could offer similar benefits.

Portrait of Bank of England Deputy Governor Sarah Breeden smiling and wearing glasses.
Image: @TheBlockCo

Bank of England Deputy Governor Sarah Breeden sees no rush to introduce the UK's proposed digital pound, often referred to as Britcoin, according to a report by Bloomberg. Breeden indicated that private-sector developments, including stablecoins and tokenized bank deposits, could potentially deliver benefits comparable to a central bank digital currency.[1][2][3]

The central bank is also seeking to encourage sterling-denominated stablecoins so market participants have an alternative to dominant dollar-denominated tokens, Bloomberg reported.[2]

Key facts

  • Bank of England Deputy Governor Sarah Breeden said there is no rush or urgency to launch the UK's proposed digital pound, dubbed Britcoin.
  • Breeden suggested stablecoins and tokenized bank deposits could serve as alternatives and deliver benefits similar to a digital pound.
  • The Bank of England wants sterling stablecoins to offer an alternative to dollar-denominated tokens, according to Bloomberg.

Sources 路 3 sources

  1. CO

    CoinGape@CoinGapeMediaPost on X 路

    馃嚞馃嚙 JUST IN: @bankofengland Deputy Governor Sarah Breeden sees no urgency in launching a digital pound, citing stablecoins and tokenized deposits as potential alternatives, according to Bloomberg. https://t.co/o1hyR5krNR

    Open source
  2. TB

    The Block@TheBlockCoPost on X 路

    NEW: Bank of England Deputy Governor Sarah Breeden says there's no rush to launch "Britcoin," the UK's proposed digital pound, suggesting stablecoins and tokenized bank deposits could deliver similar benefits. The central bank also wants sterling stablecoins to offer an alternative to dollar-denominated tokens, Bloomberg reported.

    Open source
  3. CO

    Cointelegraph@CointelegraphPost on X 路

    馃嚞馃嚙 JUST IN: Bank of England鈥檚 Sarah Breeden sees no rush for a digital pound, citing stablecoins and tokenized deposits as alternatives, per Bloomberg. https://t.co/8yBRoCizxg

    Open source