A digital pound sterling could open up a “new frontier” in modern currency dealins, the Bank of England boss has told MPs.
Deputy governor Sir Jon Cunliffe told a Treasury Committee that work on a digital pound, regulated by the bank, was delayed by the “pressure of other business” in September and October last year.
The financial crisis in late September, caused by Liz Truss’s September mini-budget had caused the delay as sterling crashed.
The new currency, which would have the same value as the pound in your pocket, has been nicknamed Britcoin.
Asked if a central bank digital currency is created in the UK is uncertain, Sir Jon said “it’s more likely than not”.