The Bank of England (BoE) has said that a digital pound is "likely to be needed" in an increasingly digital world but clarified that it will not replace cash under the proposed Central Bank Digital Currency (CBDC) system. In February, the Treasury opened a public consultation on the digital pound, inviting individuals and businesses to share their opinions. The Times reported that the proposed CBDC will be more stable than decentralized cryptocurrencies, but it could not provide a firm answer on the difference between regular, existing card payments and the digital pound. Public opinion on CBDCs is generally negative, including concerns about financial privacy and infringement of personal freedoms.
(By Samuel Wan)
All Comments