Bank of England deputy governor: central bank digital currency is good, but it carries deep risks

According to CrowdFundInsider, Sir Jon Cunliffe, deputy governor of the Bank of England, delivered a speech at the London School of Economics this week to explore the development and impact of cryptocurrencies, stablecoins and central bank digital currencies. Cunliffe said that the central bank's digital currency can provide a risk-free form of currency and provide a competitive payment system for businesses and individuals. Central bank digital currencies can also provide better currency control. However, despite the benefits of the central bank's digital currency, there may be deeper risks. He also noted that Facebook's Libra project is the most striking example of this. Libra may soon become important in the system due to Facebook's user size. "We are considering these risks within the International Financial Stability Board, which will report this year on the development of recommendations for stable currency regulation."