The Bank of England and the Treasury in the UK have launched a new digital Currency task force called the Central Bank Digital Currency Taskforce.
The Central Bank Digital Currency Taskforce is going to be used to examine digital currency and the possibility of launching a new digital form of money in the UK.
The Chancellor announced the Central Bank Digital Currency (CBDC) Taskforce as part of the April 2021 Fintech week. This Taskforce brings together HM Treasury and the Bank of England, to coordinate the exploration of a potential UK CBDC.
The Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so. A CBDC would be a new form of money that would exist alongside cashand bank deposits, rather than replacing them; the Government recognises that cash remains important to millions of people across the UK, and has committed to legislating to protect access to cash.
It will be interesting to see whether the Bank of England and the Uk government decides to launch its own digital currency.
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