Bank of England takes next steps on digital currency plan – FBC News


The Bank of England and the Treasury will launch a formal consultation on a UK central bank digital currency.

This assessment of the design and possible benefits of a new type of digital currency is a further step towards its possible creation.

Money, for the use of households and businesses, would accompany liquidity and bank deposits, rather than replacing them.

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No decision has been taken on whether to have such a currency in the UK.

But the consultation in 2022 will be part of a “research and exploration” phase and will help the Bank and the government develop the plans over the next few years.

Central banks around the world are developing or exploring digital currencies after the rise of cryptocurrencies such as Bitcoin.

China, for example, is leading this global race and is testing a digital yuan in big cities like Beijing, Shanghai and Shenzhen.

Its next steps are to improve the privacy protection of eCNY currency and improve its interaction with other payment tools, People’s Bank of China Governor Yi Gang said on Tuesday.

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