With the likely onset of digital currencies like Facebook’s libra, the Bank of England, along with other international banks, is keen to consider a central bank digital currency (CBDC).
Together with the Bank of International Settlements (BIS), this initiative includes central banks of Japan, Sweden, Switzerland and the Eurozone.
This may help improve the efficiency of cross-border transactions and payment systems, while potentially reducing dependence on the US banking system.
Can a single digital currency pave the way for a common global currency?
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