UK authorities set up a joint working group to study CBDC

The Bank of England and Her Majesty’s Treasury have created a joint working group to study the central bank digital currency (CBDC). The regulator said in a statement.

The authorities noted that the question of launching a CBDC is not finally resolved. The group’s task is to examine options for using the digital currency and its risks. The experts will also monitor the development of the asset in other countries, so that the UK “remains at the forefront of global innovation.”

According to the statement, should a CBDC be issued, it would not replace cash but would merely supplement it.

In March 2020, the Bank of England said that the central bank digital currency would operate as a store of value. The regulator later ruled out a launch in the near term.

Earlier in November, UK authorities said that проведут исследование in the CBDC space. In the same month, BoE’s chief economist Andy Haldane conceded that the use of digital currencies способно улучшить financial stability.