We aim to be forward looking, developing both in developing the regulatory frameworks and in developing public systems and public money necessary so that safe innovation can flourish to the benefit of all. Thank you. I would like to thank the following for their input to and helpful comments on these remarks: Jyoti Shah, Louise Eggett, Laure Fauchet, Morgane Fouche, Adrian Hitchins, Jeremy Leake, Rajan Patel, Rachita Syal and Cormac Sullivan for their assistance preparing these remarks. I would like to thank Andrew Bailey, Charandeep Biling, Sarah Breeden, Emma Butterworth, Victoria Cleland, Philip Evans, John Jackson, Rebecca Maule, Tom Mutton, Sasha Mills and Matthew Osborne, for their helpful comments and suggestions. 1. Key public sector initiatives include the FCA’s regulatory sandbox, the development of Open Banking, the introduction of a mobilisation route for new banks, the forthcoming FMI Sandbox, HMT’s consultation on the regulation of cryptoassets and the provisions in the Government’s recent White Paper on AI Regulation. 2. As measured by investment (Innovate Finance  ). The significance of the UK Fintech Sector has been set out more  widely in detail as part of the Kalifa Review of UK Fintech  (2021). 3. See Bank of England: Quarterly Bulletin 2022Q3. While transactional cash use fell during the COVID-19 pandemic, the value of Bank of England notes in circulation increased as cash holdings were used as a precautionary store of value. 4.
The shape of things to come: innovation in payments and money − speech by Sir Jon Cunliffe Given at Innovate Finance Global Summit, London  Published on 17 April 2023  In his speech, Jon Cunliffe looks at four areas where the tokenisation of money is now being explored. The first is stablecoins used for payments, the second is the tokenisation of commercial bank deposits, the third is the next stage of the Bank of England’s work on issuing a Digital Pound and the last is the Bank’s work to ensure to ensure these new forms of money are robust and uniform. Speech Thank you for inviting me here today to talk about the ‘shape of things to come’. I want to concentrate my remarks today on payments and money – how we pay for things and what type of money we use. These once dusty and forgotten corners of the financial system have been transformed in recent years. And there are good reasons to believe that even more radical change is on the horizon. I will talk today about developments within in the UK, but much of the trends and the possibility of further technological advances that I will cover are relevant for cross-border payments which have lagged far behind the developments we have seen in recent years in domestic payment systems. And which merits a speech all of its own. I should start however with a health warning. Central bankers are very used to forecasting the economic future.