In a statement, Chancellor of the Exchequer Jeremy Hunt said that while cash is here to stay, A digital pound issued and backed by the Bank of England could be a reliable, accessible and easy-to-use new form of payment. “Therefore, we first want to investigate what is possible, always making sure to protect financial stability,” he stressed.
Bank of England Governor Andrew Bailey, for his part, added that as the world around us and the way we pay for things becomes more digital, the possibility of a digital pound in the future continues to grow. “A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability.”he stressed.
However, he indicated that there are a number of implications that the technical work should carefully consider. Countries around the world are considering similar proposals, including the euro zone, the US and China.
The decision on whether to implement a digital pound will be made around 2025 and will be largely based on the future evolution of money and payments.
Source: Ambito
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