Plans To Create UK Central Bank Digital Currency Move Ahead

By Najiyya Budaly (November 9, 2021, 4:15 PM GMT) -- The government and central bank said on Tuesday that they will work together in 2022 to explore the possibility of creating a digital sterling to exist alongside cash, as households and businesses embrace innovative payments products.

HM Treasury and the Bank of England said they will consult on the merits of developing a central bank digital currency — which are online versions of existing notes issued and governed by national central bank — for Britain.

The Treasury and the BoE said that they will consider what is needed to develop such a currency, referred to as a CBDC, including what technology...

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