Innovative technology
In the upcoming weeks, a public consultation on the characteristics of a digital pound would be undertaken, Mr. Griffith said the Treasury Select Committee.
In the Financial Services and Markets Bill, which is now being discussed in Parliament, he added, “I want to see us establish a regime for the wholesale use of stablecoins for payment purposes.
Global central banks are creating or researching digital currencies.
“It is right to look to seek to embrace potentially disruptive technology, particularly when we have such a robust fintech and finance sector,” Mr. Griffith further stated before the committee.
This “potentially disruptive game-changing technology that can challenge but also turbocharge all of those [financial] industries” was something he wanted to give the chance to.
consumer defense
Concerns about whether any cryptocurrency could ever be considered stable have grown following the recent “crypto winter,” which saw the value of Bitcoin and other assets drop sharply.
It could also bring up a lot of public policy considerations.
A public consultation will also be held on Britain’s first general regulatory strategy for cryptoassets, a field where consumer protection has recently come under fire.
But the consultation will form part of a “research and exploration” phase and will help both the Bank of England and the government develop the plans over the following few years.
When it came to regulating crypto, Mr Griffith told the committee, being right was more important than being first, given the UK’s “strong financial reputation”.
“It will be a long lead-time activity,” he said.
