Can a digital pound CBDC retake London’s financial hub status post-Brexit?

Could a digital pound accelerate Britain’s growth post-Brexit and retake London’s status as the European financial hub?A financial think tank has suggested that Britain should adopt a digital pound in an effort to strengthen London’s status as a global trade center in the wake of Brexit.

he progress made by China in launching a CBDC should worry British finance authorities, said Hodson, who warned that such technology could “steal a long march” on the United Kingdom. Hodson said:

“A central bank digital currency (CBDC) should be a fundamental foundation for a competitive City after Brexit, otherwise China will steal a long march on us.”

Expected to power China’s digital, cashless cities at some point in the near future, the digital yuan will also reportedly be used as part of the Beijing Winter Olympic Games in 2022.

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Author: Priyanka

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