Comment From CryptoUK On CBDC Joint Announcement From Bank Of England And HM Treasury

The Bank of England and HM Treasury said today that a central bank digital currency (CBDC) was likely to be needed later this decade as they launched a new consultation for the design of such a system.

Ian Taylor, Board Advisor at CryptoUK, the UK's trade association representing the digital asset and Web3 sector, said: “We welcome today’s news that the Bank of England and His Majesty’s Treasury has announced a roadmap to a digital pound. This will bring the UK in line with the European Central Bank and a growing number of forward-thinking nations including many G7 countries, which are exploring the benefits of this payment instrument.

“We look forward to discussing the positive impact a UK central bank digital currency (CBDC) could have on financial inclusion, stability and operational efficiency in an increasingly cashless society with policymakers and regulators. We will also look for opportunities to collaborate with other associations here in the UK and globally, and connect with other jurisdictions in the process of developing and implementing their own CBDC solutions.”