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Digital Pound Could Present "Challenges" for UK, Says Mark Carney

Roland James

Summary: Mark Carney, the outgoing governor of the Bank of England (BoE), has emphasized the potential risks to monetary governance involved with launching a central bank digital currency. In a foreword to a BoE working paper on Thursday, Carney warned, “While CBDC (central bank digital currency) poses a number of opportunities, it could raise significant challenges ...

Mark Carney, the outgoing governor of the Bank of England (BoE), has emphasized the potential risks to monetary governance involved with launching a central bank digital currency.

In a foreword to a BoE working paper on Thursday, Carney warned, “While CBDC (central bank digital currency) poses a number of opportunities, it could raise significant challenges for maintaining monetary and financial stability."

According to a report from Reuters, Carney noted that a digital version of the pound would have to be "very carefully designed" if the central bank decided to launch a CBDC.

By Roland James

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