Reuters reports that Bank of England Governor Andrew Bailey said that if central banks launch digital versions of their currencies it would be one of the biggest innovations in central bank history.

"I am very encouraged by progress on that front, I am very encouraged by that fact that we are getting to grips with what is a critical innovation. If this comes to pass, it will be one of the most fundamental innovations in the history of central banking. It will move us into a new era," Bailey said.