Bank of England management fears private stablecoins will become more in demand than CBDC

Sarah John, the chief cashier of the Bank of England, expressed her concern that in the field of digital payments, private companies may crowd out central banks.

In an interview with The Telegraph, she said that inCurrently, central banks are actively studying the issue of digital currencies, as a way to counter private projects. However, inaction can ultimately lead to the fact that regulators will catch up in this race, and the proposals of technology companies will be more in demand.

So Sarah John calledcentral banks think about future prospects and offer the best product so as not to lose in the competition.

Last week the chairman of the council forFinancial stability Randall Quarles also noted that regulators are not keeping pace with the development of digital currencies and are working too slowly. In this regard, in the near future, the SPS plans to conduct a series of consultations and find out public opinion about digital currencies.

However, not all central banks ignore innovation. The Riksbank and the People's Bank of China are already testing digital analogues of their currencies.

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