Bailey said in a speech last month "I remain to be convinced that we need to create new forms of money – such as Central Bank Retail Digital Currency...".
You are being very optimistic to interpret this means ruling them out all together. He will be unconvinced right up to the point he changes his mind, probably when he decides that commercial banks have made insufficient progress with either tokenised deposits or open banking - which is quite likely.
Yes, good spot, I was going to roast him, but felt I should point out his less dogmatic view compared to Christine Lagarde. Elsewhere, I called him a dinosaur, but he could yet be worse than that.
Excellent analysis as ever. I am minded to recall a quotation that I believe has been attributed to Bill Gates:
"Banking is necessary, but banks aren't."
Thanks Tim.
Bailey said in a speech last month "I remain to be convinced that we need to create new forms of money – such as Central Bank Retail Digital Currency...".
You are being very optimistic to interpret this means ruling them out all together. He will be unconvinced right up to the point he changes his mind, probably when he decides that commercial banks have made insufficient progress with either tokenised deposits or open banking - which is quite likely.
Yes, good spot, I was going to roast him, but felt I should point out his less dogmatic view compared to Christine Lagarde. Elsewhere, I called him a dinosaur, but he could yet be worse than that.
Honeymoon definitely over
Fascinating stuff Jeremy
Thanks
Thanks 🙏🏼