Bank of England calls for urgent digital payments reform
Andrew Bailey urges swift digital reform in retail payments to future-proof UK finance and drive economic growth.
Bank of England Governor Andrew Bailey has called for urgent digital upgrades to the UK’s retail payments system to support future growth.
At the Mansion House dinner, he said upgrading infrastructure is vital to support the economy and stay globally competitive.
Bailey remains sceptical about launching a digital pound. While he acknowledged that stablecoins may have a future role, he stressed they must not replace commercial bank money and must be appropriately regulated.
He also warned against global banks issuing their stablecoins, which could reduce lending capacity.
He went on to express concern over rising global trade tensions, calling the shift in policy ‘the most sudden and fundamental’ in decades.
Bailey urged the IMF and WTO to step in and help restore cooperation in the international trading system.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
