(MENAFN) Authorities in the United Kingdom publicly requested public feedback on the concept of launching a central bank digital currency on Monday, stating that British firms and consumers are likely to need a digital equivalent of the pound.
In terms of implementing a digital currency, Britain, the second-largest financial hub in the world, is lagging behind former colonies like Nigeria, the Bahamas, and Jamaica. According to the consultancy PwC, more than 80% of the world's central banks are either planning or have already launched digital currencies.
“While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that’s trusted, accessible and easy to use,” Treasury chief Jeremy Hunt stated.
“That’s why we want to investigate what is possible first, whilst always making sure we protect financial stability.”
The Treasury and Bank of England said almost two years ago that they were thinking about launching a digital currency, prompting the request for public feedback.
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