Thread by @quant_network

“The bad news is I’m a central banker and we don’t tend to speak for less than 45 mins. The good news is I’ll be about 25 mins today,” jokes Sir Jon Cunliffe of @bankofengland.

#IFGS #IFGS2023

“As the use of cash has diminished, commercial bank digital money has come to dominate transactions in the UK,” says Sir Jon Cunliffe of @bankofengland. “But we will continue to issue cash as long as there is any demand for it.”

#IFGS #IFGS2023

“Tokenisation and smart contracts offer many benefits,” says Sir Jon Cunliffe of @bankofengland. “This has major implications for us. We’re ultimately responsible for ensuring that each of the monies circulating is robust and uniform.”

#IFGS #IFGS2023

Sir Jon Cunliffe of @bankofengland makes it clear that “systematic stablecoins” need to be backed by deposits.

#IFGS #IFGS2023

“Tokenised bank deposits could offer some if not all of the functionality of stablecoins in a much simpler proposition,” says Sir Jon Cunliffe of @bankofengland.

#IFGS #IFGS2023

“No decision has yet been taken on the issuance of a digital pound but it is likely to be needed,” says Sir Jon Cunliffe of @bankofengland. “We see two main drivers: the need to anchor the value and robustness of all monies. And…

#IFGS #IFGS2023 #CBDC

“Secondly, we want to maximise the innovation and competition around digital money.”

#IFGS #IFGS2023 #CBDC

“The question is not when but how we should cater for tokenised transactions to settle in central bank money,” says Sir Jon Cunliffe of @bankofengland.

#IFGS #IFGS2023