[Bank of England Deputy Governor: Tokenization Can Reduce Costs, Accelerate Settlements, and Promote Competition] According to Cointelegraph, Bank of England Deputy Governor Sarah Breeden stated that tokenization can reduce settlement costs, increase speed, and promote competition, provided that trust and interoperability are ensured. Breeden emphasized that even in the context of private sector innovations such as tokenized deposits and regulated stablecoins, central bank money will remain the cornerstone of the monetary system. She noted that the Bank of England is working with industry, government, and regulators to build a framework that supports innovation without compromising financial stability. Breeden said that in addition to traditional bank deposits, people should be able to use tokenized deposits, regulated stablecoins, and retail central bank digital currencies for payments. Greater competition in technology and business models will lower costs for users and improve functionality.