Britain should get ahead on CBDCs

Bank of England should lead the world by developing its own cryptocurrency, urges former WorldPay boss

The Bank of England should steal a march on the rest of the world and develop a crypto-currency, a fintech entrepreneur has urged.

Ron Kalifa, former boss of payment processing company Worldpay, urged governors at the Bank to embrace the currencies rather than dismiss them as a dangerous fad. He said:

‘Britain should get ahead on this. Why leave it to China?’

In a report on how to improve the UK’s burgeoning fintech sector, he added: ‘Individuals would be able to access central bank money.

‘The UK would be able to take advantage of its mature payment network, and build a more efficient and innovative structure on top of it. The UK would become the first jurisdiction to introduce this innovation.’

Source: This Is Money

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