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Description

Closed consultation on a Central Bank Digital Currency (CBDC) in the United Kingdom

On 7 June 2023, the public consultation closed on the paper on a Central Bank Digital Currency (CBDC) in the United Kingdom, the digital pound, issued by the Bank of England (BoE) and HM Treasury. In its paper, the BoE and Treasury outline the possible effects of the digital pound on financial and monetary stability and propose technical features for a potential model. In its form as a CBDC, the digital pound would be backed by the BoE, the UK's central bank. According to the BoE, a digital pound would improve interoperability between payment systems and private currency by being exchangeable with cash and bank deposits.

Original source

Scope

Policy Area
Authorisation, registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
national
Government Branch
executive
Government Body
central bank

Complete timeline of this policy change

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2023-02-07
in consultation

On 7 February 2023, the Bank of England (BoE) and HM Treasury published a paper on a Central Bank D…

2023-06-07
processing consultation

On 7 June 2023, the public consultation closed on the paper on a Central Bank Digital Currency (CBD…

2024-01-25
adopted

On 25 January 2024, the Bank of England and HM Treasury published their response to the consultatio…