Ben Broadbent, deputy governor for monetary policy at the Bank of England (BoE), has stated that the institution is paying keen attention to roll out of a central bank digital currency (CBDC).

According to Broadbent, the rollout of a CBDC comes with benefits to the broad financial ecosystem for facilitating elements such as smooth payments, Bloomberg reported on February 27. 

Broadbent stated that the institution is exploring regulations of payment technology systems such as CBDCs. 

It is worth noting that the sentiments by the official come after the regulator and the British Treasury announced that the institutions were exploring the viability of a CBDC. If the plan is realized, the CBDC will be dubbed ‘Britcoin.’