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Digital Pound Could Present ‘Challenges’ for UK, Says Mark Carney

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The outgoing governor of the Bank of England (BoE) has highlighted the potential risks to monetary governance if a central bank digital currency were to be launched in the U.K.

In a foreword to a BoE working paper on Thursday, Mark Carney wrote, “While CBDC (central bank digital currency) poses a number of opportunities, it could raise significant challenges for maintaining monetary and financial stability.”

As reported by Reuters, Carney added that a digital pound would have to be “very carefully designed” if the central bank went ahead with a launch.

The comments will be among Carney’s last as BoE governor. The Canadian will leave the central bank Friday for a new role as U.N. special envoy on climate action and climate finance. He will be succeeded at the BoE by Andrew Bailey, current head of the Financial Conduct Authority.

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