Bank of England Submits Concept of Digital British Pound for Public Discussion

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The central bank of the United Kingdom announced it was ready to develop a digital pound last year. The regulator expressed its readiness to create a token in partnership with the Ministry of Finance.

The Bank of England, together with the financial department, has this week introduced the concept of CBDC. It was published in the form of a consultation document that is calling on experts to comment on the authorities’ initiative to issue a digital version of the British pound.

The Bank of England has stressed that the CBDC will become part of the financial system of the kingdom. Token users can be sure that transactions will be private and secure.