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It is also possible that they could enhance the transmission of monetary policy.īut these opportunities can only be realised if new forms of digital money are safe. And there could be potential gains from a shift to more market-based financing. New forms of digital money could potentially offer benefits in terms of cost and functionality. Against that, new forms of digital money could increase the resilience of payments. All else equal, that could make it more difficult for monetary policy to ease financial conditions. By offering people an alternative to commercial bank money, new forms of digital money could affect the cost and availability of borrowing from banks. Implications for monetary and financial stability arise because commercial banks, and the money they create through lending, are an important part of the economy.

Financial stability seeks to avoid interruptions in the provision of financial services that people rely on. Monetary policy seeks to maintain the stability of prices for the goods and services people consume. It is the foundation of both monetary and financial stability. Public confidence in money is central to the Bank of England’s objectives. If new forms of digital money are to become widely used as a trusted form of retail payments, it is essential that the public can have the same confidence in them as they have in existing forms of money. Presently, payments typically rely on the use of either cash or deposits held in commercial banks – referred to as ‘commercial bank money’. And they could potentially enhance financial inclusion. They could contribute to faster, cheaper, and more efficient payments. New forms of digital money, either publicly or privately provided, would be the latest innovation in an evolving landscape for the way in which payments are made in the economy. I encourage anyone with an interest in these issues to respond to this Discussion Paper. My hope is that this paper will be the basis for further research and dialogue between the Bank, the payments industry, technology providers, payments users, financial institutions, academics, other central banks and public authorities, and broader society. These questions will need to be considered in consultation with Her Majesty’s Government. footnote The Bank has not yet made a decision on its detailed regulatory approach to stablecoins, or on whether to introduce a CBDC in the UK. It builds on the Bank’s previous Discussion Paper on CBDC published in March 2020, footnote and the Financial Policy Committee’s expectations for stablecoins set out in the December 2019 Financial Stability Report. This Discussion Paper sets out the Bank’s emerging thoughts on new forms of digital money, which include both systemic stablecoins and a UK CBDC. At the same time, central banks globally are exploring the possibility of issuing a digital form of central bank money – often referred to as Central Bank Digital Currency (CBDC). These include ‘stablecoins’ – cryptoassets that aim to reduce volatility by pegging their value to government-sponsored – or ‘fiat’ – currencies. Fintech firms, and in some cases big technology firms, are developing alternatives to traditional forms of money. The use of physical cash in payments continues to decline, and demand for convenience, especially with regard to e-commerce, has fuelled public appetite for digital payments. Over the past decade, there has been rapid innovation in how people make payments, and Covid-19 has accelerated these trends. And we ensure the safety of the other main form of money used in any modern economy – bank deposits held by households and businesses, also known as ‘commercial bank money’. We do this by issuing money in the form of banknotes and central bank reserves. One key way we fulfil this is to make sure people have confidence in the money they use, whether to store wealth or to make payments. The Bank of England’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

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Money Markets Committee and UK Money Markets Code Greening our Corporate Bond Purchase Scheme (CBPS) Operational resilience of the financial sector Financial market infrastructure supervision