UK Mulls Cryptocurrency Version Of Sterling
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Loading... - ethan riley
- 17 Jan 2023
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Government minister confirms UK is progressing a digital pound, following similar digital currency moves in India, Taiwan and elsewhere
The UK government is laying the groundwork to develop a digital version of Sterling, as it seeks to match developments in other countries.
This development was confirmed by a Treasury official during a meeting with the UK parliament’s Treasury Select Committee.
It comes after the United Kingdom in April 2021 admitted that it was exploring the potential of creating a digital currency backed by the Bank of England.
‘Britcoin’ CBDC
Then Chancellor (now Prime Minister), Rishi Sunak asked the Bank of England and HM Treasury to look at the case for a new “Britcoin”, which has seen the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to “co-ordinate the exploration of a potential UK CBDC.”
Now Reuters reported on Tuesday that Financial Services Minister Andrew Griffith has said that getting the design of a digital pound right is a bigger priority than a rapid launch.
It is reported that HM Treasury is due to launch in the coming weeks a public consultation on the attributes of a digital pound.
“The consultation is going to say this is an if and not a when. We are not fully into the inevitability of doing this,” Griffith was quoted by Reuters as telling the UK parliament’s Treasury Select Committee.
A digital pound raised many public policy issues, he reportedly said.
“We have got to get them right. I would rather be right than be first,” Griffith said. “It will be a long lead-time activity.”
The first case use of a digital pound would probably be in the settlement of wholesale financial transactions, he added. Read More…
