Bank of England Deputy Governor States the Necessity of Digital Pound

Vignesh Karunanidhi
Bank of England Deputy Governor States the Necessity of Digital Pound
Source: CoinDesk

The fall of the FTX exchange has definitely alerted global regulators. It has also awakened a newfound need for speeding up cryptocurrency regulations around the globe. The latest nation to join the list is the UK.

Jon Cunliffe, deputy governor of the Bank of England, recently made comments about the need for a digital pound. The discussion arose on the topic of whether a digital pound should be released after the fall of FTX.

Bank of England governor initially denied a connection between FTX’s fall and digital currency

Although Cunliffe initially denied the connection between a central bank digital currency and the FTX collapse, Cunliffe stated that he understood the concerns.

“Over the past few days, I have had a few comments both to the effect that the collapse of FTX shows that we need to get on and issue a digitally native pound – and to the effect that FTX shows that we do not need to do so,” Cunliffe spoke at the Conference on DeFi and Digital Currencies.

Cunliffe stated that FTX is a prime example of how these new technologies “…might revolutionize financial services and the forms that money takes.”

Recently, lawmakers in the UK decided to acknowledge cryptocurrencies as regulated goods and financial instruments. The inclusion of stablecoins in the new bill was approved by the House of Commons as well.