Bank of England and UK Treasury to Assess Case for a CBDC Next Year
The earliest time a digital pound could be rolled out is the second half of the decade.
Nov 9, 2021 at 4:20 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5EOVQUPHGNHVLJZOSF3NZRWYA4.jpg)
The Bank of England and the U.K. Treasury will begin a consultation next year to assess the case for a central bank digital currency (CBDC).
- Should it conclude that there is a case for a digital pound, the earliest that one could be rolled out is the second half of the decade, the Bank of England announced Tuesday.
- The consultation will explore design features, benefits and implications for users to determine whether a CBDC that is operationally and technologically robust can be developed.
- The announcement of the consultation follows the formation of two forums to explore the issue. The members were named in September and included Asos, PayPal, Spotify, Mastercard, Visa, HSBC and Standard Chartered.
- The Bank of England and the Treasury said no decision has been made yet on whether a CBDC will introduced. Such a digital currency would exist alongside cash and bank deposits rather than replacing them.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/Wsw21Z13uYNeMwlEy09fcHX_LHw=/arc-photo-coindesk/arc2-prod/public/Z2G3HHMTVJGWRAQIH4UHCT3FEY.jpg)
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.