Bank of England Deputy Governor: Tokenization Can Reduce Costs, Speed Settlements, May 20

GateNews
According to BlockBeats, Bank of England Deputy Governor Sarah Breeden stated on May 20 that tokenization can reduce settlement costs, accelerate transaction speeds, and promote financial market competition, provided trust mechanisms and interoperability are in place. Breeden emphasized that while private sector innovations like tokenized deposits and regulated stablecoins are advancing, central bank money will remain the foundation of the monetary system. She outlined a vision for a diverse payment ecosystem where the public can use traditional bank deposits, tokenized deposits, regulated stablecoins, and potentially a retail central bank digital currency (CBDC) for payments.
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