Katie Fortune, who leads the Bank of England's work on central bank digital currencies (CBDCs), has said that she believes a coexistence between CBDCs and bitcoin is possible. Speaking at the Citi Digital Money Symposium, Fortune said that the bank envisages a mixed ecosystem of different forms of money, similar to the current system with different mechanics for bank deposits and cash. Fortune sees CBDCs acting as a bridging asset between different forms of digital money, such as stablecoins, providing a uniformity which is a "social good" and not a government control issue. The Bank of England has been exploring the idea of a digital pound, sometimes referred to as “Britcoin”. However, practical use cases for CBDCs would be required for its implementation, with Fortune suggesting a focus on retail payments and ecommerce. She also called for a focus on building infrastructure that allows for smoother digital payment processes, adding that once this was in place, the potential for further innovation would be likely.

(By Stephen Graves and Andrew Asmakov)