Bank Of England, UK Treasury Support ‘Digital Pound’ Project, Say UK Likely To Need CBDC
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The Bank of England (BoE) and UK Treasury are set to back the development of the British central bank digital currency (CBDC), popularly known as “Britcoin” or “digital pound.” The discourse of a British CBDC began in April 2021, when the UK Treasury, then under the leadership of current UK Prime Minister Rishi Sunak, launched a joint task force with the BoE to evaluate the feasibility of a “digital pound” for British businesses and households. Since then, there have been multiple discussions and reports as both financial authorities weighed the potential benefits and risks a “digital pound” could bring to
The Bank of England and the UK Treasury have recently released a document discussing the possibility of creating a digital pound, a type of Central Bank Digital Currency (CBDC) for the United Kingdom. This 116-page publication delves into the reason behind such a currency and what it might entail. This…
The UK authorities need to be “very clear” about what problems a national digital currency (CBDC) will solve before proceeding with its development. This opinion was expressed by the head of the Bank of England Andrew Bailey, writes Reuters. Public consultations on the legal attributes of the digital pound will…
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