The Bank of England and the UK Treasury Department are planning to discuss the possibility of launching central bank digital currencies starting in 2022.
In a statement on Tuesday, the Bank of England Said The digital pound consultation with the HM Ministry of Finance will consider design features, benefits and impact on users and businesses, as well as other related issues. The outcome of the 2022 negotiations will determine whether the British authorities intend to promote central bank digital currency or CBDC.
“If the outcome of this’development’ stage concludes that the CBDC case has been established and it is both operationally and technically strong, then the earliest launch date of the UK CBDC will be the second half of this decade,” said the Central Bank .
The Bank of England added that it has “not yet decided” whether the UK will introduce a CBDC in the future. However, any digital pound project is designed to exist with cash and bank deposits, not to replace them.
In April, the Bank of England and the Ministry of Finance Set up a task force It aims to explore the launch of CBDC, including design-related issues and its possible implementation and operation in the UK.The British Chancellor of the Exchequer Rishi Sunak said in July that local officials will Pioneering reform consulting “Support the safe adoption of encrypted assets and stablecoins” and explore the case of the country’s CBDC.
Although many countries with the world’s largest economies have not yet launched CBDC, some countries have already started pilot programs.China’s digital renminbi promotion continues to be tested in multiple regions, and the People’s Bank of China reported More than 140 million personal accounts Holds digital currency as of October.