According to Bloomberg, Bank of England Deputy Governor Sarah Breeden stated that given the rapid innovation in the digital payments space, there’s no need for the UK to rush into launching a central bank digital currency (CBDC) for the public. Commercial stablecoins and tokenized bank deposits might achieve some of the same functions as a digital pound. Breeden emphasized that the Bank of England hopes local businesses can develop successful pound-backed stablecoins to provide an alternative to the USD-dominated stablecoin market, ensuring UK residents and businesses don’t have to rely solely on USD stablecoins to access innovative payment services. Meanwhile, the Bank of England is also upgrading its Real-Time Gross Settlement (RTGS) system to support tokenized financial transactions and 24/7 instant settlements. https://www.(wublock123.com)/news/bank-of-england-deputy-governor-no-rush-cbdc-prefers-local-stablecoins-over-usd-stablecoins-69928