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BoE's Carney sees big challenges from central bank digital currency

Thu, 12th Mar 2020 10:03

LONDON, March 12 (Reuters) - The Bank of England could face
big challenges managing risks to financial and monetary
stability if it launches its own digital currency, Governor Mark
Carney said on Thursday.

"While CBDC (central bank digital currency) poses a number
of opportunities, it could raise significant challenges for
maintaining monetary and financial stability ... and would need
to be very carefully designed if it were to be introduced,"
Carney said in the foreword to a BoE working paper.

The BoE has not decided whether to introduce its own digital
currency as a complement to physical banknotes, he added.
(Reporting by David Milliken; editing by Kate Holton)

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