Bank of England Will Issue a CBDC Next Year
In February 2023, UK Central Bank’s Deputy Governor John Cunliffe reaffirmed the regulator’s plans to introduce a digital version of the pound (CBDC) and anticipated it to be available in the market by 2025.
However, a year ago, the Central Bank lacked the necessary technical capabilities to implement the token.
While the Bank of England has not yet made a final decision on the issuance of a digital currency, authorities aim to make a selection in the medium term.
The UK government is prepared to initiate the development of a digital pound, with the Central Bank assuring user privacy and preventing banks from rejecting transactions from CBDC users.
Nevertheless, there are concerns among British citizens about the possibility of the regulator exerting excessive control over all digital pound transactions, leading lobbying organization CryptoUK to urge the Bank of England to disclose comprehensive information about its digital currency program.
