Bank of England delays digital pound decision to 2027
Date
1/15/2025 1:22:31 AM
(MENAFN) The bank of England (BoE) has announced that it will not make a final decision on whether to launch a digital pound until 2027.
In a recent update on its exploration of a central bank digital currency (CBDC), the UK’s central bank outlined its timeline, stating that the next two years will be dedicated to completing the design phase. Only after this period will the BoE and the government evaluate whether to proceed with the initiative.
The BoE stressed that this decision will involve a comprehensive assessment of changes in the payments ecosystem, along with an analysis of broader policy implications.
“After completing the design phase over the next couple of years, including taking account of developments in the wider payments landscape, the Bank and Government will assess the policy case for a digital pound and determine whether or not to proceed,” the bank stated.
If the introduction of the digital pound moves forward, the proposal will require approval from parliament, ensuring that it aligns with legislative and public interests.
The central bank also addressed concerns about personal privacy, reassuring the public that neither the Bank of England nor the government would have the capability to track or monitor individual spending behaviors, maintaining a clear commitment to protecting user confidentiality.
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