The Treasury and Bank of England will formally start a consultation for the digital currency, on Tuesday.
A state-backed digital pound is likely to be launched later this decade, according to the Treasury and the Bank of England.
The Treasury and the Bank of England will formally start a consultation for the digital currency, on Tuesday.But while it may use technology similar to cryptocurrencies such as Bitcoin and Ethereum, the digital pound, issued by the Bank of England, would be less volatile. Ten digital pounds will always be worth the same as £10 in cash, the Treasury says.Prime Minister Rishi Sunak asked the Bank of England to look into backing a currency, in 2021, as chancellor.
Companies that control the data on everything someone spends, when and where they spend it, will sit on a priceless asset. Unregulated digital currencies could offer those companies incentives to create walled gardens, fragmenting the pound system. It would make controlling the economy more difficult, because £1 might not be worth £1 everywhere.
There are likely to be initial restrictions on how much of the currency any individual or business could hold.
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