The UK Central Bank Digital Currency Awaits Consultation

central bank digital currencies - CBDC

The Bank of England and the HM Treasury have announced a consultation process that will decide of a “Britcoin” CBDC.

The two organizations say that consultations on the operational standards and the technological model of the CBDC will begin next year. The evaluation will be around design features, the impact on businesses, and the potential benefits.

The consultation outcome will inform the two organizations whether the project, labeled as Britcoin would proceed to the development stage. 

The Bank of England and the HM Treasury’s document states that CBDC will be a form of a digital currency issued by the Bank of England that will coexist with the conventional currencies. 

The two financial organizations formed a task force in April to actively engage with the stakeholders. Risks and practicability are the aspects under consideration.

Source: The Register

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