As per Bloomberg’s report, Bank of England (BOE) Deputy Governor Dave Ramsden has shown interest in Central bank-backed digital currency is worth looking at. Ramsden said that the UK central bank is focused on taking measures to encourage private innovation. Ramsden acknowledged that there is a big issue with cost and efficiency in cross-border settlements.
Earlier, BOE Governor Mark Carney said that the dollar should be replaced as an international reserve with a stablecoin such as Libra. In an interview with Bloomberg, Ramsden emphasized that they should challenge themselves because the consumer demand, both in advanced economies and in developing economies, is for greater efficiency.
Group of Seven nations recently published its report on cryptocurrencies, which stated that a private company created cryptocurrencies would create challenges for competition and antitrust policies. Ramsden also informed that BOE’s latest research into machine learning had shown greater development and wider use in trading strategies.
