Bank of England plans "faster, cheaper" retail payment network via stablecoins

The Bank of England is pushing ahead with proposals to expand the role of digital money that could take it into daily, consumer use.

By Neasa MacErlean

A consultation paper envisages a stablecoin regime which would go beyond the cryptoasset sector and "could lead to faster, cheaper retail and wholesale payments". A second paper looks at "new forms of digital money", including a "digital pound". Financial stability issues are raised in both papers since design errors could have major consequences across the economy.