Bank of England’s Sarah Breeden to Become Deputy Governor
The U.K. central bank has announced that Sarah Breeden, a longtime Bank of England official, will take over as deputy governor. Breeden, who previously served on the bank’s Central Bank Digital Currency task force, will assume the role on November 1, 2023. She will be responsible for financial policy, monetary policy, and prudential regulation committees, playing a crucial role in connecting financial stability and monetary policy.
Key Points:
– Sarah Breeden will replace Jon Cunliffe as deputy governor of the Bank of England.
– Breeden has been involved in the bank’s work on Central Bank Digital Currency.
– Cunliffe has been deputy governor for the maximum allowed term of 10 years.
– The U.K. has been considering issuing a digital pound and recently closed a consultation on the matter.
– The Bank of England has gained more regulatory powers over cryptocurrencies with the passing of a markets bill.
The Bank of England is expected to provide further clarity on the regulation of systemic stablecoins, which could potentially threaten financial stability. A decision on whether to issue a digital pound is not expected until at least 2025. Overall, these developments highlight the increasing importance of digital currencies and the central bank’s efforts to stay ahead in the evolving financial landscape.
Hot Take: The appointment of Sarah Breeden as the new deputy governor of the Bank of England demonstrates the bank’s commitment to exploring digital currencies and ensuring financial stability. With her experience in the Central Bank Digital Currency task force, Breeden is well-equipped to navigate the challenges and opportunities presented by the rise of cryptocurrencies.
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