The UK Treasury and the Bank of England announced public consultations in 2022 on the launch of the digital pound.
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The National Digital Currency (CBDC) will become a new form of money for everyday spending by households and businesses, but not a full replacement for cash and bank deposits.
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As part of the discussions, the advantages of the digital pound and its technological model will be defined. Officials will study use cases, key issues and potential consequences of CBDC deployment for businesses and individuals.
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Based on the findings, policy for the coming years will be developed in the UK. This involves working through the concept, the technical characteristics of the digital pound and its in-depth testing.
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The Bank of England emphasised that a final decision on issuing CBDC has not yet been made. If approved, authorities will move to a development phase that will last several years.
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In April, the regulator placed seven vacancies in the CBDC research group.
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