Digital pound could launch within ten years under Treasury and BoE plans

Would be interchangeable with cash

clock • 3 min read

Plans for a digital UK currency are being considered by the Treasury and Bank of England under a consultation launched today (7 February), and could be realised within a decade.

The digital pound, or central bank digital currency, would be issued by the Bank of England and would be interchangeable with cash for everyday payments in-store and online by businesses and individuals. In a statement, the Treasury was keen to stress no decision has been taken at this stage to introduce a digital currency, and that this consultation is separate to its plans to legislate to protect access to cash. Baby steps of crypto regulation not enough to spur asset management interest But the consultation starts from the position a digital pound is likely to be needed in the f...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

Industry questions where the blame lies for Woodford liquidity issues

Industry questions where the blame lies for Woodford liquidity issues

Reaction to FCA warning notice

Cristian Angeloni
clock 11 April 2024 • 3 min read
FCA to allow 'bundling' of investment research payments in regime overhaul

FCA to allow 'bundling' of investment research payments in regime overhaul

Response to Independent Research Review

Valeria Martinez
clock 10 April 2024 • 2 min read
FCA lays out 2024/25 fees and levies proposals with £755m planned spend

FCA lays out 2024/25 fees and levies proposals with £755m planned spend

To cover budget increase

Hope Coumbe
clock 09 April 2024 • 4 min read
Trustpilot