A ‘stablecoin’ is, in the Bank's eyes, a digital token or crypto-currency issued by the private sector which aims to keep a stable value at all times, primarily in relation to existing national currencies. Bitcoin - whose value is notoriously volatile - is not a stablecoin. New forms of digital money are not yet widely used in any economy.

The Bank has not yet made revealed any definite decision to issue its own crypto-currency, although central banks all over the world are sizing up the pros and cons of doing so.