Digital pound could co-exist with private stablecoins — UK central bank
The central bank wants an e-GBP to be retail-focused and could form part of a “mixed payments economy” alongside cryptocurrency stablecoins. Go to Source Powered by WPeMatico
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UK’s digital pound would modernize payments but won’t replace cash: Minister
Finance minister Jeremy Hunt says the digital pound, or “Britcoin” would be issued and backed by the Bank of England, but won’t negate the use of cash. Go to Source Powered by WPeMatico
UK Treasury Considers Digital Pound, Maintains Crypto Hub Objective
The U.K. is mulling over launching a digital pound as it remains committed to becoming a cryptocurrency hub, a government representative has indicated. British authorities should also regulate payments with stablecoins, according to the official. United Kingdom Prepares to Begin Consultation on Digital Pound Currency The executive power in London is considering the introduction a … Read more
British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated
According to British lawmakers, a central bank digital currency (CBDC) is likely to raise the cost of borrowing while hurting financial stability. They insist the touted potential advantages of a digital pound are being overstated. Erosion of Privacy British lawmakers have said the use of a central bank digital currency when making regular payments could … Read more
UK Economic Affairs Committee unconvinced by prospect of retail CBDC
A new report highlights private-sector innovation and greater financial inclusion with CBDCs, but raises concerns around the descending hegemony of the U.S. Dollar. Go to Source Powered by WPeMatico
Bank of England sees CBDCs as a revolution for the future of money
The Bank of England estimates that 20% of retail and consumer deposits could potentially move toward CBDCs. Go to Source Powered by WPeMatico
UK Treasury and central bank will consult on CBDC, potentially launching by 2030
“The earliest date for launch of a U.K. CBDC would be in the second half of the decade,” said the Bank of England, adding no final decision has yet been made. Go to Source Powered by WPeMatico
