The UK's central bank is apparently leaving room for stablecoins if it launches a digital pound, saying the so-dubbed 'Britcoin' could 'exist alongside' other forms of money.
Despite the rise of privately-issued stablecoins in recent years, the paper said CBDCs such as the digital pound can co-exist in“In much the same way that cash exists alongside private money, the digital pound does not need to be a dominant form of money in order to meet its public policy objectives. The digital pound could exist alongside other forms of money, including stablecoins.”
The paper explained the primary motivator behind launching the digital pound is to ensure U.K. central bank money remains “an anchor for confidence and safety” in the country’s monetary system and to “promote innovation, choice, and efficiency in domestic payments.”To achieve this feat, the e-GBP would need to be largely adopted in the retail ecosystem through a series of “public-private partnerships.
Users will be able to access e-GBP by connecting to private sector-run API which in turn connects to the core ledger.Other programmability features including smart contracts and atomic swaps — which enables assets to move across networks — will be enabled. “A limit on individual holdings would be intended to manage those risks by constraining the degree to which deposits could flow out of the banking system. That is important during the introductory period as we learn about the impact of the digital pound on the economy.”were also acknowledged. Without going into detail, the paper stated an e-GBP would be subject to “rigorous standards” of privacy and data protection.
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