In a speech at London's Mansion House, Andrew Bailey also called on banks to develop digital currencies - so-called Britcoins - and said there is a future for digital money, making it 'perfectly possible and achievable'.
Digital monies are"perfectly possible and achievable", Mr Bailey added.
While there is not yet a specific need and no certainty a CBDC will be created, Mr Bailey said, that should not stop research and innovation. "Inability to specify a very precise detailed use case today is not a good reason to believe there will never be one. There are stories of scepticism around the benefits to be expected from the iPhone, and going further back, railways."
A Britcoin could facilitate smart contracts, in which money would be programmed to only be released when an action was carried out. Mr Bailey said concern was raised by some of the public consultation submissions over power authorities may have to reach into people's privacy with a Britcoin."Incidentally, whoever painted"no to CBDC" on a motorway bridge, I can only apologise to the Cumbria Biodiversity Data Centre. Sorry."
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