Bank of England deputy governor: digital pound is being considered in the wholesale market

According to Bloomberg, Jon Cunliffe, deputy governor of the Bank of England, said that policymakers are considering the use of digital pounds in the wholesale market, arguing that policymakers only view the central bank’s digital currency in a retail environment as “a misunderstanding of the bank’s position.” According to Jon Cunliffe, the BoE has clearly recognized the potentially transformative impact of the tokenization of financial assets, atomic settlements, smart contracts and other emerging technologies on wholesale financial markets.