The Bank of England has warned of risks to financial stability if central bank money is not modernised. 🏦
- Sasha Mills, executive director of financial market infrastructure, told Digital Assets Week that without adapting to technologies such as tokenised assets and programmable ledgers, high-value settlements could move to private assets such as stablecoins.
- The Bank of England is working hard to modernise its infrastructure, launching the Digital Securities Sandbox to test new technologies in a regulated environment.
- Mills stressed that the use of programmable ledgers in finance is still relatively new, and their introduction into critical financial markets could be risky.
- The Bank of England is also exploring how central bank money could interact with programmable ledgers through a potential wCBDC.
What do you think? Leave your comments below! 💬