According to a story that was published by the Daily Telegraph on February 4, the Bank of England (BoE) and His Majesty’s Treasury feel that it is possible that the United Kingdom will need to develop a central bank digital currency (CBDC) by the year 2030.
According to a source inside the administration who spoke to the publication, the “digital pound” blueprint is going to be unveiled the following week. On February 7th, Deputy Governor Jon Cunliffe is going to provide an update on the work that the BoE has been doing on the CBDC.
The Governor of the Bank of England, Andrew Bailey, and the Chancellor of the Exchequer, Jeremy Hunt, were quoted in the Telegraph as saying that they believe it is likely that a digital version of the pound will be required in the future. This conclusion was reached on the basis of the work that has been done up until this point.
The Bank of England did not comment on the report but did say that a…
