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Bank of England Says Digital Pounds Unlikely to Work Like Cash

  • Deputy governor says an account-based instrument more likely
  • Central bank looking at ways to smooth online transactions
Jon Cunliffe
Jon Cunliffe

Photographer: Chris Ratcliffe/Bloomberg

The Bank of England is unlikely to offer a digital form of the pound that works like banknotes, opting instead for an instrument managed through some sort of account.

Deputy Governor Jon Cunliffe, who is overseeing the BOE’s work on central bank digital currencies, said policy makers are thinking about how to make the pound work better for consumers in online transactions.