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According to reports, Cathy Fortune, head of the digital department at the Bank of England (BoE), said that a mixed ecosystem of various forms of currency, including CBDC and stabl

Introduction

According to reports, Cathy Fortune, head of the digital department at the Bank of England (BoE), said that a mixed ecosystem of various forms of currency, including CBDC and stable currency, would emerge in the future. CBDC will also establish legal standards, which in turn will help stimulate innovation. Stable currency and CBDC have great potential to create a new economy. Money should be like turning on the light. I don’t consider electricity, but the fact that we all use the same energy has made a big difference.

The Bank of England allows CBDC and cryptocurrency to coexist

Cathy Fortune, head of the digital department at the Bank of England, recently spoke about the future of currency. According to her reports, a mixed ecosystem of various forms of currency, including CBDC and stable currency, would emerge in the future. Cathy further noted that CBDC would establish legal standards, which in turn would help stimulate innovation. Stable currency and CBDC have great potential to create a new economy. In this article, we will be discussing how the evolution of currency will impact the global economy and the role of CBDC and stable currency in this process.
# Importance of CBDC and Stable Currency in Future Ecosystem
The emergence of various forms of currencies has made it important for governments to establish standards, which will help stabilize these currencies. CBDC is a form of digital currency backed by the central government, which will help establish legal standards. The introduction of CBDC would also reduce the risks associated with cash transactions, such as fraud and money laundering. This will help increase trust in digital currencies and promote their adoption.
On the other hand, stable currency is a type of digital currency that is pegged to a stable asset, such as gold or the US dollar. It is designed to mitigate price volatility in the cryptocurrency market, making it a more reliable form of digital currency. The adoption of stable currencies has the potential to create a more stable financial system, in which fiat currencies are backed by stable assets.
# How CBDC and Stable Currency can create a new economy
CBDC and stable currencies have the potential to create a new economy by providing faster, cheaper, and more secure global transactions. CBDC would allow real-time settlement of transactions, eliminating the need for intermediaries and minimizing transaction costs. This would also enable the development of smart contracts, making business transactions more efficient and transparent.
Stable currencies, on the other hand, could revolutionize the global remittance industry by providing a fast and cost-effective way to transfer money across borders. The adoption of stable currencies would also enable micropayments, allowing small transactions to be made with ease.
# Conclusion
In conclusion, the emergence of CBDC and stable currency will revolutionize the global economy by providing faster, cheaper, and more secure global transactions. CBDC will establish legal standards, which in turn will help stimulate innovation. Stable currencies have the potential to create a more stable financial system, in which fiat currencies are backed by stable assets. Cathy Fortune’s analogy that “money should be like turning on the light” highlights the importance of creating a system where everyone has access to reliable and efficient financial services.
# FAQs
1. What is CBDC?
CBDC, or Central Bank Digital Currency, is a form of digital currency that is backed by the central government. It is designed to establish legal standards and reduce the risks associated with cash transactions.
2. What is stable currency?
Stable currency is a type of digital currency that is pegged to a stable asset, such as gold or the US dollar. It is designed to mitigate price volatility in the cryptocurrency market, making it a more reliable form of digital currency.
3. How will CBDC and stable currency impact the global remittance industry?
The adoption of CBDC and stable currencies has the potential to revolutionize the global remittance industry by providing a fast and cost-effective way to transfer money across borders. It will eliminate intermediaries and minimize transaction costs, making it more accessible to everyone.
# Keywords
CBDC, stable currency, digital currency, global economy, innovation, legal standards, financial system, micropayments, smart contracts.

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