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The future of money and payments

· Andrew Bailey, Governor of the Bank of England (United Kingdom)

Summary written by Dark Majestic in its own words · topics: payments, digital money and crypto-assets, technology, ai and cyber risk

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· Andrew Bailey Wiki · Bank of England WikiThe future of money and payments

ContextSpeech at the Group of Thirty's 39th International Banking Seminar in Washington; the Bank of England protects monetary stability and studies new forms of money and payment.

Why it mattersBailey questions whether a retail digital pound adds value beyond modernised payments.

Problems raised
  1. Payments need modernising.
  2. Costs and inefficiencies persist.
  3. Retail CBDC's added value is unclear.
Solutions proposed
  1. Modernise payments while keeping stability.
  2. Harness digital technology.
  3. Weigh carefully whether a retail CBDC is needed.
Read full speech on bis.org ↗

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