Central bank digital currency would be a historic innovation, says BoE's Bailey

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FILE PHOTO: Bank of England Governor Andrew Bailey poses for a photograph on the first day of his new role at the Central Bank in London

LONDON (Reuters) - If central banks launch digital versions of their currencies it would be one of the biggest innovations in central bank history, Bank of England Governor Andrew Bailey said on Friday.

"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," Bailey said at the launch of a joint innovation hub with the Bank for International Settlements.

"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.

(Reporting by David Millken and Huw Jones)