UK Parliament’s House of Lords Launches CBDC Inquiry

The deadline for responses on a possible U.K. central bank digital currency is mid-October.

AccessTimeIconSep 17, 2021 at 3:24 p.m. UTC
Updated May 11, 2023 at 4:33 p.m. UTC

The House of Lords Economic Affairs Committee has launched an inquiry into central bank digital currencies (CBDCs).

  • The upper house of the U.K. parliament is inviting responses on issues surrounding how a CBDC might affect the role of the Bank of England, monetary policy and the financial sector.
  • In a statement, Lord Michael Forsyth of Drumlean, the committee’s chairman, said the government and Bank of England must “carefully consider the implications of creating a new, state-backed, form of digital cash.”
  • Among the many questions it posed, the committee is seeking thoughts on the main benefits and risks or CBDCs and traceability and privacy issues.
  • The deadline for responses is Oct. 15.
  • In April, the Bank of England and Treasury announced the launch of a task force to explore a potential CBDC.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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