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

Would be interchangeable with cash

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...