JAKARTA - The Bank of England and the UK Ministry of Finance plan to launch consultations on the possible launch of a central bank digital currency starting in 2022.
In a statement Tuesday, November 9, the Bank of England said the digital pound consultation with HM Treasury will consider design features, benefits and implications for users and businesses, and other related issues.
The outcome of the 2022 consultation will determine whether UK authorities intend to move forward with a central bank digital currency, or CBDC.
“If the results from this 'development' phase conclude that the case for CBDCs is made, and is operationally and technologically strong, then the earliest date for UK CBDC launches would be in the second half of the decade", the central bank said.
The Bank of England added that "no decision has been made" on whether the UK will introduce a CBDC in the future. However, any digital pound project will aim to exist alongside cash and bank deposits, rather than replace them.
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In April, the Bank of England and the finance ministry formed a task force aimed at exploring the rollout of the CBDC, including issues related to its design and possible implementation and operation in the UK.
Finance Minister Rishi Sunak said in July that local officials would consult on pioneering reforms "to support the safe adoption of crypto assets and stablecoins" and explore the case for CBDCs in the country.
Currently, many of the world's largest economies have not yet launched CBDCs, but some have started pilot programs. The launch of the digital yuan in China continues with trials in various regions. The country's central bank also reported more than 140 million individual accounts were holding digital currencies as of October.
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