1 00:00:00,920 --> 00:00:03,920 Speaker 1: This is Bloomberg Crypto, a daily Bloomberg I Hood podcast, 2 00:00:04,120 --> 00:00:07,320 Speaker 1: and I'm Philip Blogger Cranstar, Senior editor for Crypto at 3 00:00:07,320 --> 00:00:11,880 Speaker 1: Bloomberg News. In today for Stacy Marie Ishmael. It is Wednesday, 4 00:00:12,039 --> 00:00:27,640 Speaker 1: March the first. The Bank of England and the UK 5 00:00:27,720 --> 00:00:30,440 Speaker 1: Treasury are moving forward with a plan to launch a 6 00:00:30,560 --> 00:00:34,440 Speaker 1: digital currency. It's being called a CBDC, which is short 7 00:00:34,479 --> 00:00:40,199 Speaker 1: for Central Bank Digital Currency and afflete nicknamed Britcoin, but 8 00:00:40,600 --> 00:00:43,800 Speaker 1: some critics are calling it a solution in search of 9 00:00:43,840 --> 00:00:49,440 Speaker 1: a problem, particularly given the strength of the UK's fintech industry. 10 00:00:50,120 --> 00:00:52,600 Speaker 1: Here today to join me to talk about this is 11 00:00:52,600 --> 00:01:04,400 Speaker 1: Bloomberg reporter Emmelinicole. Emily, It's nice to finally be here 12 00:01:04,920 --> 00:01:07,800 Speaker 1: with you in the studio today. How are you? I'm good, Thanks, 13 00:01:07,840 --> 00:01:09,839 Speaker 1: How are you? Are you enjoying London? I am enjoying 14 00:01:09,880 --> 00:01:12,040 Speaker 1: London very much and rainy for your face, it's very 15 00:01:12,120 --> 00:01:15,680 Speaker 1: nice and rainy. I'm told that the weather was beautiful yesterday. 16 00:01:16,240 --> 00:01:19,840 Speaker 1: Today with my arrival, it is clearly changed. Perfect for 17 00:01:19,880 --> 00:01:22,800 Speaker 1: our little conversation we're about to have absolutely and we're 18 00:01:22,840 --> 00:01:25,680 Speaker 1: gonna be talking about Britcoin today. So let's just delve 19 00:01:25,840 --> 00:01:29,560 Speaker 1: straight into it. Chawe, can you briefly explain to us 20 00:01:30,120 --> 00:01:35,080 Speaker 1: what a CBDC is. So, a central bank digital currency 21 00:01:35,520 --> 00:01:39,600 Speaker 1: is a form of government issued money that instead of 22 00:01:39,640 --> 00:01:43,320 Speaker 1: being on a ledger in the Bank of England and 23 00:01:43,560 --> 00:01:48,200 Speaker 1: on commercial banks own leasures, it's also backed on blockchain, 24 00:01:48,280 --> 00:01:51,400 Speaker 1: so it's verifiable there is a token that transfers between 25 00:01:51,400 --> 00:01:53,600 Speaker 1: this and that. At the minute, it's all a little 26 00:01:53,600 --> 00:01:55,920 Speaker 1: bit more up in the air than that. Like, you know, 27 00:01:55,960 --> 00:01:58,000 Speaker 1: if you get money sent to you in your bank 28 00:01:58,040 --> 00:02:00,400 Speaker 1: account as a retail user, it looks like you had 29 00:02:00,800 --> 00:02:02,960 Speaker 1: some numbers in one bank that went to some numbers 30 00:02:02,960 --> 00:02:05,000 Speaker 1: and other banks. That's actually not quite how it works 31 00:02:05,080 --> 00:02:07,440 Speaker 1: under the hood. But with CBDCs is a bit more 32 00:02:07,440 --> 00:02:11,440 Speaker 1: of a blockchain transfer involved. And at a very basic level, 33 00:02:11,680 --> 00:02:14,320 Speaker 1: what would be I mean, how would we compare to 34 00:02:14,440 --> 00:02:18,239 Speaker 1: something like a debit card for everyday use, Probably is 35 00:02:18,280 --> 00:02:20,240 Speaker 1: no different, I mean most of us, at least in 36 00:02:20,280 --> 00:02:23,799 Speaker 1: the UK anyway, it's very like digital payments forward, and 37 00:02:23,840 --> 00:02:26,840 Speaker 1: so spending on your debit card or spending a CBDC 38 00:02:27,080 --> 00:02:29,880 Speaker 1: is is supposed to look and feel pretty much identical. 39 00:02:30,760 --> 00:02:32,600 Speaker 1: The way that it's different and the reason why it's 40 00:02:32,600 --> 00:02:35,560 Speaker 1: being developed is because at the minute, there are obviously 41 00:02:35,560 --> 00:02:37,840 Speaker 1: people in crypto that are thinking of ways that they 42 00:02:37,840 --> 00:02:41,440 Speaker 1: can use currency more fluidly, and so a CBDC, it 43 00:02:41,560 --> 00:02:43,919 Speaker 1: is hoped, is a way that they can almost compete 44 00:02:43,919 --> 00:02:46,200 Speaker 1: with the likes of Tether or Circle all these other 45 00:02:46,200 --> 00:02:49,920 Speaker 1: private staple coins while having it still be government overseen 46 00:02:50,120 --> 00:02:53,440 Speaker 1: bank money. So basically we've established it lives on a blockchain, 47 00:02:54,120 --> 00:02:58,280 Speaker 1: but it's not really crypto. I mean, it's it's very 48 00:02:58,320 --> 00:03:02,880 Speaker 1: distinct from what we were consider a crypto token. Yeah, 49 00:03:02,919 --> 00:03:05,760 Speaker 1: it's not decentralized really in any way. It's still very 50 00:03:05,800 --> 00:03:09,320 Speaker 1: much overseen by government. It's not anonymous either, so everybody 51 00:03:09,360 --> 00:03:10,960 Speaker 1: knows who you are and where you're sending and how 52 00:03:11,040 --> 00:03:14,520 Speaker 1: much you're sending it to. The only difference is that 53 00:03:14,560 --> 00:03:17,320 Speaker 1: it will be I guess a little bit faster. Potentially, 54 00:03:17,600 --> 00:03:20,000 Speaker 1: it may be more factable in terms of where you 55 00:03:20,040 --> 00:03:21,600 Speaker 1: can send it and who you can send it to, 56 00:03:21,720 --> 00:03:24,480 Speaker 1: because if while it's a compatible once they're developed, then 57 00:03:24,800 --> 00:03:26,520 Speaker 1: that'll be a little bit easier than at the minute, 58 00:03:26,560 --> 00:03:28,560 Speaker 1: where for example, you have to get someone's bank account 59 00:03:28,560 --> 00:03:30,720 Speaker 1: details and have it all verified and all that kind 60 00:03:30,760 --> 00:03:34,320 Speaker 1: of stuff. So it may be a solution to some 61 00:03:34,400 --> 00:03:36,720 Speaker 1: of those issues. But as I said before, we're in 62 00:03:36,760 --> 00:03:40,400 Speaker 1: a digital economy in the UK already, so a CBDC 63 00:03:40,560 --> 00:03:42,840 Speaker 1: is something that is probably a little bit more helpful 64 00:03:42,840 --> 00:03:45,080 Speaker 1: for those in less developed economies where the banking system 65 00:03:45,120 --> 00:03:47,600 Speaker 1: is a little bit less advanced. This is the main 66 00:03:48,160 --> 00:03:50,640 Speaker 1: objection here. You look at the former Bank of indiand 67 00:03:50,640 --> 00:03:54,320 Speaker 1: Governor Irvin King calling it a solution in search of 68 00:03:54,320 --> 00:03:59,120 Speaker 1: a problem, but simply creating a central bank digital currency. 69 00:04:00,000 --> 00:04:02,200 Speaker 1: On the face of it, it's not obvious that it 70 00:04:02,360 --> 00:04:06,840 Speaker 1: brings about the sort of transformation people often assume it 71 00:04:06,920 --> 00:04:11,040 Speaker 1: must lead to. What do they mean when they say that, like, 72 00:04:11,360 --> 00:04:14,040 Speaker 1: and this is not just We should be clear that 73 00:04:14,080 --> 00:04:16,280 Speaker 1: this is not just in Britain, that this debate is 74 00:04:16,320 --> 00:04:20,919 Speaker 1: going on. I mean, it's happening everywhere. But what is 75 00:04:21,000 --> 00:04:23,160 Speaker 1: the point of view? How do you describe the point 76 00:04:23,200 --> 00:04:25,200 Speaker 1: of view that this is a solution in search of 77 00:04:25,240 --> 00:04:28,080 Speaker 1: a problem. So in the UK we have something called 78 00:04:28,120 --> 00:04:32,080 Speaker 1: Real Time Growth Settlements RTGs. It's a very big system 79 00:04:32,120 --> 00:04:34,000 Speaker 1: that the Bank has been working on for many many 80 00:04:34,080 --> 00:04:36,280 Speaker 1: years and is actually currently in the process of quite 81 00:04:36,279 --> 00:04:39,799 Speaker 1: of an expensive upgrade to that. And that's what enables 82 00:04:39,839 --> 00:04:43,080 Speaker 1: things to payments to transfer pretty much immediately, Like if 83 00:04:43,080 --> 00:04:45,039 Speaker 1: I were to send you money via bank transfer right 84 00:04:45,120 --> 00:04:48,039 Speaker 1: now from UK bank to UK bank. It's almost instant. 85 00:04:48,320 --> 00:04:50,840 Speaker 1: In other countries, even in the US, where you'd say 86 00:04:50,839 --> 00:04:53,320 Speaker 1: the economy is pretty advanced, the banking system doesn't quite 87 00:04:53,360 --> 00:04:55,760 Speaker 1: match up and it can still take several days. But 88 00:04:55,839 --> 00:04:57,640 Speaker 1: in the UK anyway, we pretty much have that. And 89 00:04:57,680 --> 00:05:00,080 Speaker 1: that's why others think of this as a solution and 90 00:05:00,160 --> 00:05:02,720 Speaker 1: such of a problem, because that issue of instant payment 91 00:05:02,839 --> 00:05:07,920 Speaker 1: is already solved somewhat. The reason why a CBDC may 92 00:05:07,920 --> 00:05:10,520 Speaker 1: be useful in the eyes of skeptics because they see 93 00:05:10,560 --> 00:05:13,560 Speaker 1: the bankers trying to compete with the world of crypto 94 00:05:13,720 --> 00:05:17,240 Speaker 1: not get left behind. If other countries are also developing CBDCs, 95 00:05:17,680 --> 00:05:19,720 Speaker 1: you know, they wonder if there's a digital yeah, or 96 00:05:19,760 --> 00:05:22,920 Speaker 1: if there's a digital euro, perhaps a digital pound is 97 00:05:22,920 --> 00:05:24,880 Speaker 1: required in order for us to be able to achieve 98 00:05:24,920 --> 00:05:29,480 Speaker 1: proper conversion between those different economies. And the other thing is, 99 00:05:29,600 --> 00:05:32,919 Speaker 1: as you already said, we have the E dollar. Well 100 00:05:33,120 --> 00:05:36,240 Speaker 1: very early stages have talked about that. It's actually much 101 00:05:36,279 --> 00:05:38,200 Speaker 1: further back than our so we're a bit more advanced 102 00:05:38,200 --> 00:05:41,520 Speaker 1: on the yes exactly, we have the E one would 103 00:05:41,520 --> 00:05:46,080 Speaker 1: be one that's very far ahead the NIRA in Nigeria, 104 00:05:46,839 --> 00:05:50,080 Speaker 1: and we're seeing central banks around the world starting to 105 00:05:50,120 --> 00:05:53,680 Speaker 1: tinker with these kinds of experiments. What is it? Is 106 00:05:53,720 --> 00:05:57,719 Speaker 1: there anything about britcoin that stands out here? Which class 107 00:05:57,839 --> 00:06:00,840 Speaker 1: of CBDCs does it belong to? So what we've been 108 00:06:00,839 --> 00:06:03,120 Speaker 1: talking about over the last few weeks is mainly the 109 00:06:03,200 --> 00:06:05,880 Speaker 1: proposals for a retail CBDC, so that's one to be 110 00:06:06,000 --> 00:06:08,960 Speaker 1: used by U and me. There is also another conversation 111 00:06:09,040 --> 00:06:12,360 Speaker 1: going on for a wholesale CBDC that would be a 112 00:06:12,400 --> 00:06:15,440 Speaker 1: digital currency that would enable banks to transfer between each other, 113 00:06:15,560 --> 00:06:19,040 Speaker 1: so it would help settle larger amounts of capsule between 114 00:06:19,080 --> 00:06:21,680 Speaker 1: you know, JP Morgan and Gobin Sacks or Santander an 115 00:06:21,760 --> 00:06:24,480 Speaker 1: HSBC and make that side of the system a little 116 00:06:24,480 --> 00:06:28,120 Speaker 1: bit faster. There's more of an argument for a wholesale CBDC. 117 00:06:28,279 --> 00:06:31,640 Speaker 1: Even the Bank em England Governor Andrew Bailey has said, 118 00:06:31,640 --> 00:06:33,680 Speaker 1: you know, a whole sale CBDC has quite a few 119 00:06:33,680 --> 00:06:37,159 Speaker 1: many uses and might actually be something that could really 120 00:06:37,200 --> 00:06:39,719 Speaker 1: help improve the banking system in this country. But for 121 00:06:39,760 --> 00:06:41,880 Speaker 1: a resale one, there's there's a little bit more of 122 00:06:41,920 --> 00:06:45,040 Speaker 1: a limited use case. You know, people could could expect 123 00:06:45,080 --> 00:06:47,640 Speaker 1: to be paid in a UK CBDC, they could want 124 00:06:47,640 --> 00:06:49,919 Speaker 1: to pay their mortgage in it. But it really, at 125 00:06:50,000 --> 00:06:53,279 Speaker 1: least in terms of what's're already out there, it's pretty 126 00:06:53,279 --> 00:06:55,320 Speaker 1: similar to what we're used to and in some ways 127 00:06:55,360 --> 00:06:57,520 Speaker 1: that's kind of important, right It needs to be similar 128 00:06:57,520 --> 00:07:00,240 Speaker 1: because if the learning curve is too steep, then people 129 00:07:00,279 --> 00:07:02,840 Speaker 1: want to use it at all. And we'll be right 130 00:07:02,880 --> 00:07:16,320 Speaker 1: back for more with Bloomberg Crypto reporter Emmaly Nicol. And 131 00:07:16,400 --> 00:07:19,600 Speaker 1: then there's also the proposal from the Bank am Inland 132 00:07:19,680 --> 00:07:23,800 Speaker 1: to basically have a limit of how much you can hold. 133 00:07:24,080 --> 00:07:28,400 Speaker 1: I believe it was ten thousand to twenty thousand pounds 134 00:07:28,560 --> 00:07:32,320 Speaker 1: most Yes, between those two, what is that intended to 135 00:07:32,440 --> 00:07:35,880 Speaker 1: cannot solve for? Is this also into you know, I 136 00:07:35,880 --> 00:07:38,360 Speaker 1: imagine it has to do with the fear of sucking 137 00:07:38,720 --> 00:07:42,880 Speaker 1: money out of the deposit system. What's the background of that? Yeah, 138 00:07:42,960 --> 00:07:46,000 Speaker 1: I think initially, while a CBDC is still in its infancy, 139 00:07:46,040 --> 00:07:48,840 Speaker 1: you wouldn't want to be able to put everything into it. 140 00:07:48,840 --> 00:07:50,720 Speaker 1: It still needs to be tested, it still needs to 141 00:07:50,720 --> 00:07:52,480 Speaker 1: be trialed to make sure that it works out in 142 00:07:52,520 --> 00:07:55,240 Speaker 1: the open, and so that initial limit is something that 143 00:07:55,320 --> 00:07:57,440 Speaker 1: helps banks to kind of maintain a bit of an 144 00:07:57,480 --> 00:08:01,160 Speaker 1: understanding of exactly how a CBDC works, see how people 145 00:08:01,200 --> 00:08:04,160 Speaker 1: are using it for several years before they then let 146 00:08:04,160 --> 00:08:07,040 Speaker 1: it run wild and loose. One of the big concerns 147 00:08:07,040 --> 00:08:10,400 Speaker 1: with digital currencies is always the idea of people not 148 00:08:10,440 --> 00:08:13,040 Speaker 1: being able to track what it's being used for, money laundering, 149 00:08:13,040 --> 00:08:15,680 Speaker 1: a list of finance. A UK CBDC should be able 150 00:08:15,720 --> 00:08:17,760 Speaker 1: to counteract all of those things because they're not going 151 00:08:17,800 --> 00:08:19,920 Speaker 1: to let anybody be private while they're using it. So 152 00:08:20,360 --> 00:08:22,080 Speaker 1: ideally it should be the same as if you put 153 00:08:22,120 --> 00:08:23,720 Speaker 1: money in a bank account, you're still going to have 154 00:08:23,760 --> 00:08:25,800 Speaker 1: to tell the bank who you are. But there is 155 00:08:25,960 --> 00:08:28,480 Speaker 1: obviously the concern that if a CBDC becomes something that 156 00:08:28,640 --> 00:08:32,439 Speaker 1: is interchangeable with other digital currencies around the world, is 157 00:08:32,480 --> 00:08:36,000 Speaker 1: interchangeable perhaps even with stable coins one day, that could 158 00:08:36,080 --> 00:08:39,439 Speaker 1: lead to a Daisy chain of finance where then eventually 159 00:08:39,440 --> 00:08:42,640 Speaker 1: you're not able to tell who somebody is. And there 160 00:08:42,880 --> 00:08:46,120 Speaker 1: is there a debate in the UK about privacy when 161 00:08:46,120 --> 00:08:49,040 Speaker 1: it comes to the development of cb and that the 162 00:08:49,080 --> 00:08:52,120 Speaker 1: potential launch or bridcoin for sure, that is actually one 163 00:08:52,120 --> 00:08:55,680 Speaker 1: of the biggest roadblocks to it, so the UK is 164 00:08:55,720 --> 00:08:59,760 Speaker 1: not one to ever give up their individual privacy if 165 00:08:59,800 --> 00:09:02,240 Speaker 1: they if they're going to avoid it. We had a 166 00:09:03,040 --> 00:09:05,599 Speaker 1: legislative attempt a few years ago to set up a 167 00:09:05,679 --> 00:09:08,600 Speaker 1: national Register of Identity for us all to have ID cards, 168 00:09:08,640 --> 00:09:11,240 Speaker 1: something that's pretty common in some other countries but it's 169 00:09:11,280 --> 00:09:15,440 Speaker 1: not a thing here and there was a very large 170 00:09:15,440 --> 00:09:18,120 Speaker 1: public outcright to that. It didn't make it through our 171 00:09:18,160 --> 00:09:21,560 Speaker 1: houses of Parliament because an is basically people didn't want 172 00:09:21,600 --> 00:09:23,760 Speaker 1: the government having a register of who everybody is and 173 00:09:23,800 --> 00:09:27,640 Speaker 1: where they live, and so with a CBDC that was 174 00:09:27,679 --> 00:09:29,760 Speaker 1: one of the biggest concerns, so that we were giving 175 00:09:30,120 --> 00:09:32,559 Speaker 1: a state institution, the Bank of England, the right to 176 00:09:32,600 --> 00:09:35,559 Speaker 1: a repository of information about who everybody is, where they live, 177 00:09:35,600 --> 00:09:37,920 Speaker 1: how much money they have. And that's one of the 178 00:09:38,000 --> 00:09:40,600 Speaker 1: reasons why the commercial banks will be involved in this 179 00:09:40,640 --> 00:09:43,280 Speaker 1: process because it keeps the Bank of England out of that. 180 00:09:43,320 --> 00:09:45,360 Speaker 1: It doesn't let them see you know who you are. 181 00:09:45,400 --> 00:09:48,240 Speaker 1: Everything is partially anonymized in that sense. The banks will know, 182 00:09:48,320 --> 00:09:51,520 Speaker 1: but the Bank of England won't. If you look at 183 00:09:51,520 --> 00:09:54,120 Speaker 1: the various levels of pushback from ranging from you know, 184 00:09:54,240 --> 00:09:57,480 Speaker 1: looking at privacy, which to some extent, as you say, 185 00:09:57,720 --> 00:10:02,560 Speaker 1: is being addressed, but also this idea that it's a 186 00:10:02,640 --> 00:10:04,920 Speaker 1: solution in such of a a problem. As we talked about, 187 00:10:04,960 --> 00:10:07,640 Speaker 1: what's the main marketing pitch, what's the boees and the 188 00:10:07,679 --> 00:10:10,599 Speaker 1: government's pitch behind doing this. What are they trying to 189 00:10:10,640 --> 00:10:13,000 Speaker 1: sell it on right now? Is it convenience? Is it 190 00:10:13,080 --> 00:10:16,280 Speaker 1: a mix of different things? There's an element of the 191 00:10:16,320 --> 00:10:19,280 Speaker 1: convenient side, right. They think that if everybody is currently 192 00:10:19,320 --> 00:10:21,880 Speaker 1: finding stable coins nice and convenient, then they should find 193 00:10:21,880 --> 00:10:25,400 Speaker 1: a digital pattern convenient too. There's a little bit of 194 00:10:25,400 --> 00:10:27,360 Speaker 1: a chicken before the egg though with this right, stable 195 00:10:27,400 --> 00:10:29,600 Speaker 1: coins still aren't that big. They're definitely not being used 196 00:10:29,600 --> 00:10:32,240 Speaker 1: for everyday payments at present. The idea is that if 197 00:10:32,280 --> 00:10:34,200 Speaker 1: crypto continues to grow at the level it is, and 198 00:10:34,240 --> 00:10:36,520 Speaker 1: that is a possible future, that we will use stable 199 00:10:36,559 --> 00:10:38,720 Speaker 1: coins for payments one day. And this is the Bank 200 00:10:38,720 --> 00:10:40,480 Speaker 1: of eng Them wanting to say we're not going to 201 00:10:40,480 --> 00:10:43,040 Speaker 1: get left behind with that. Even this, We started talking 202 00:10:43,040 --> 00:10:46,640 Speaker 1: about UKCBDC several years ago and we weren't expected to 203 00:10:46,720 --> 00:10:49,440 Speaker 1: even see anything like a CBDC in our hands to 204 00:10:49,520 --> 00:10:52,200 Speaker 1: be used for at least the second half of this decade. 205 00:10:52,480 --> 00:10:55,440 Speaker 1: And it's interesting that you mentioned stable coins, because you'd 206 00:10:55,440 --> 00:10:58,440 Speaker 1: be hard pressed to find a central banker these days 207 00:10:58,480 --> 00:11:02,360 Speaker 1: who loves stable coins, wouldn't you. I mean, giving what's 208 00:11:02,360 --> 00:11:05,000 Speaker 1: happened the last year or so, the regular reaction that 209 00:11:05,000 --> 00:11:08,280 Speaker 1: we've seen in the US. What is the regulatory view 210 00:11:08,360 --> 00:11:11,760 Speaker 1: on stable coins right how would you describe it right now? Negative? 211 00:11:13,360 --> 00:11:18,040 Speaker 1: Right now? Several big regulators, global bodies to national bodies 212 00:11:18,040 --> 00:11:21,160 Speaker 1: alike have all said that no current stable coin it 213 00:11:21,200 --> 00:11:23,480 Speaker 1: meets any of the existing standards that are out there 214 00:11:23,640 --> 00:11:25,920 Speaker 1: a form of digital money, they would not be able 215 00:11:26,000 --> 00:11:29,000 Speaker 1: to meet the parameters of emoney regimes in the UK, 216 00:11:29,120 --> 00:11:30,720 Speaker 1: which is the thing they will have to meet in 217 00:11:30,720 --> 00:11:33,360 Speaker 1: a few years time when that becomes law. And that 218 00:11:33,760 --> 00:11:35,760 Speaker 1: is a big problem for stable coin issuers because if 219 00:11:35,760 --> 00:11:38,040 Speaker 1: the pitch is that they want to become basically a 220 00:11:38,080 --> 00:11:40,760 Speaker 1: digital pound, but without the Bank of England, they're going 221 00:11:40,800 --> 00:11:43,320 Speaker 1: to need to meet these rules. Governments are pretty quickly 222 00:11:43,360 --> 00:11:45,800 Speaker 1: trying to put regimes in place to put parameters around 223 00:11:45,800 --> 00:11:48,520 Speaker 1: how stable coins are you used, how even the wallets 224 00:11:48,559 --> 00:11:50,559 Speaker 1: are able to be used. Those who would store them 225 00:11:50,559 --> 00:11:53,680 Speaker 1: would need to be registered with regulators too, and so 226 00:11:54,120 --> 00:11:56,560 Speaker 1: a CBDC is essentially trying to compete with those in 227 00:11:56,600 --> 00:11:59,280 Speaker 1: a way that will be regulated, will be safe to 228 00:11:59,320 --> 00:12:02,800 Speaker 1: some extent. Safe assending is and would basically get ahead 229 00:12:02,800 --> 00:12:04,760 Speaker 1: of stable coins before they can get in there first. 230 00:12:06,720 --> 00:12:10,480 Speaker 1: So work is proceeding, we're moving ahead, but what does 231 00:12:10,480 --> 00:12:14,160 Speaker 1: the timetable look right now? Like it's several years at least. 232 00:12:13,880 --> 00:12:16,280 Speaker 1: I don't know if we have a specific date really, 233 00:12:16,280 --> 00:12:18,200 Speaker 1: but it's definitely not imminent. I mean we're still at 234 00:12:18,200 --> 00:12:21,360 Speaker 1: the stages where we're having to engage with various parties 235 00:12:21,400 --> 00:12:25,160 Speaker 1: to decide exactly how each thing would look. This is 236 00:12:25,360 --> 00:12:27,680 Speaker 1: this consultation that's come out from the Bank of England 237 00:12:27,679 --> 00:12:29,560 Speaker 1: in twenty twenty three is kind of the first real 238 00:12:29,559 --> 00:12:31,640 Speaker 1: framework that we've had from them in terms of what 239 00:12:31,760 --> 00:12:35,040 Speaker 1: exactly this might look like, things the specifics of stuff 240 00:12:35,040 --> 00:12:37,840 Speaker 1: like you know, twenty thousand pound limits. But there are 241 00:12:37,880 --> 00:12:42,240 Speaker 1: still engagement forums happening every so often with different parties 242 00:12:42,600 --> 00:12:45,840 Speaker 1: from the banking sectors to finance sectors, technology sectors to 243 00:12:45,840 --> 00:12:48,320 Speaker 1: inform the Bank of Bing's work on that we haven't 244 00:12:48,400 --> 00:12:50,360 Speaker 1: yet decided. For example, if the Bank and will be 245 00:12:50,360 --> 00:12:52,360 Speaker 1: building its own blockchain to make this all happen on 246 00:12:52,400 --> 00:12:54,280 Speaker 1: if it will license that. There are banks out there 247 00:12:54,280 --> 00:12:57,200 Speaker 1: that have already developed into bank assesslement blockchains like JP Morgan. 248 00:12:57,600 --> 00:13:01,760 Speaker 1: So those are all options. So in some stable coins 249 00:13:01,800 --> 00:13:04,960 Speaker 1: are probably somewhere in our future. We don't quite know when, 250 00:13:05,200 --> 00:13:08,439 Speaker 1: and we don't quite know yet how they will look, 251 00:13:08,480 --> 00:13:11,280 Speaker 1: taste and fail. Yeah, but the government's a certainly worried, 252 00:13:11,280 --> 00:13:16,000 Speaker 1: and that's why we're building a chout. Thank you, Emony. Thanks. 253 00:13:17,280 --> 00:13:20,880 Speaker 1: That was Bloomberg reporter Emily Hall. You can find more 254 00:13:21,080 --> 00:13:24,199 Speaker 1: of her reporting on the Bloomberg terminal and on Bloomberg 255 00:13:24,240 --> 00:13:26,679 Speaker 1: dot com. For more, be sure to check out our 256 00:13:26,760 --> 00:13:37,120 Speaker 1: twice weekly newsletter, Bloomberg Crypto. This is Bloomberg Crypto, a 257 00:13:37,240 --> 00:13:41,800 Speaker 1: daily podcast from Bloomberg and iHeartRadio. For more shows from iHeartRadio, 258 00:13:42,040 --> 00:13:45,560 Speaker 1: visit the iHeartRadio app, Apple Podcasts, or wherever you get 259 00:13:45,600 --> 00:13:49,440 Speaker 1: your podcasts. Send us your comments, questions or suggestions for 260 00:13:49,480 --> 00:13:55,720 Speaker 1: the show to Crypto at Bloomberg dot net. The supervising 261 00:13:55,720 --> 00:13:59,520 Speaker 1: producer of Bloomberg Crypto is Vicky Vergelina. Our senior producer 262 00:13:59,559 --> 00:14:03,480 Speaker 1: is Janet Babin. Our producers are Mohammed Farouk and Sharon Barrero. 263 00:14:03,960 --> 00:14:06,800 Speaker 1: Our associate producers are Ty Butler and Moses on Them 264 00:14:07,800 --> 00:14:11,760 Speaker 1: Desta wonder At is our engineer. Original music by Leo Sidron. 265 00:14:13,160 --> 00:14:15,600 Speaker 1: I'm Stacy Mariaschmaal. We'll be back tomorrow.