"The Bankl of England's chief cashier has signalled support for an official cryptocurrency, arguing it is “crucial” to centralbanks to consider stepping in before tech giants dominate.
Sarah John, who is responsible for issuing banknotes at the Bank, said it “absolutely is really important central banks think about that as an option” as the private sector steals a march on regulators.
Central banks have been forced into action by the dramatic rise and collapse of Bitcoin, and Facebook’s plans to launch its own cryptocurrency called Libra.
Ms John said: “We need to think as an institution about how to position ourselves to make sure society still has a broad range of payments that it can use with confidence.
“It is absolutely right that central banks think about whether a public sector or private sector would be best to provide a digital currency going forward.” she said."
Fran Boait, executive director of Positive Money, warned that digital currencies launched by the private sector, such as Libra, are unaccountable, undemocratic and with no oversight