United Kingdom: Established Central Bank Digital Currency (CBDC) Taskforce

On 19 April 2021, the Central Bank Digital Currency (CBDC) Taskforce was announced by the Bank of England (BoE) and HM Treasury. A potential CBDC would be backed by the BoE, the UK's central bank. According to the BoE, a CBDC would exist exchangeably with cash and bank deposits. The CBDC Taskforce will research potential designs of a CBDC, carry out consultations with stakeholders and monitor international developments in the area. Along with the taskforce, a CBDC Engagement Forum and CBDC Technology Forum were also initiated.