In response to a consultation paper on a U.K. CBDC, the bank and HM Treasury said they had not decided to launch a digital pound but intended to “protect access to cash.”
The Bank of England (BoE) and HM Treasury in the United Kingdom released their response to a consultation on a central bank digital currency (CBDC) launched in February 2023, saying they intended to focus on “privacy and control.”
In a Jan. 25 notice, the BoE said “no final decision has been made” regarding launching a digital pound, but officials would continue to explore CBDC feasibility and designs. Both institutions added they intended to “protect access to cash” should they move forward with a CBDC launch, giving residents an additional payment choice.
“[I]f a digital pound were to be implemented, primary legislation would be introduced, and this would guarantee users’ privacy and control,” said BoE. “The Bank and the Government would not have access to any personal data and users would have freedom in how they spent their digital pounds.”
