Bank of England: The Digital Pound is a Great Opportunity for Businesses
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Bank of England (BoE) Deputy Governor for Monetary Policy Ben Broadbent has said that new technologies, such as digital assets, offer lucrative opportunities for businesses, Bloomberg has reported.

According to him, the main advantage of blockchain-based products and services is their speed of implementation.

Broadbent has added the UK central bank's "most intense focus" is on the regulatory implications of new payment technologies.

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He has explained:

"This obviously brings opportunities for financial institutions, for businesses, for individuals. We would expect to see continued improvements, reductions in friction and cost of payment."

The head of the UK Treasury, Jeremy Hunt, has previously said the launch of a national digital currency (CBDC) is possible as early as this decade, but not before 2025. In his view, the digital pound can become a new "reliable and affordable" means of payment.

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The UK authorities started to study the technology of CBDCs in 2021 by setting up a working group.

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