Money And Payments: A ‘Black Ships’ Moment? - Speech By Jon Cunliffe, Bank Of England Deputy Governor, Financial Stability, Given At The Economics Of Payments XII Conference At The Federal Reserve Board, Washington DC

It is difficult to overstate the importance of the announcement by Facebook in June 2019 that it intended to launch a multicurrency stablecoin, a new digital currency called Libra for general cross-border payment use. Indeed, one commentator has likened the impact of the Libra announcement on central banks to the sudden arrival off Tokyo harbour in 1853 of the ‘black ships of evil appearance’ - a modern, irresistible US fleet – that led quickly to the collapse of a centuries-old ruling system and to the opening up of Japan.

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