The Treasury and the Bank of England have announced their plans to roll out a new digital pound later this decade.
They’ve devised the state-backed digital currency to allow the public access to safe and easy-to-use money in the digital age.
Chancellor Jeremy Hunt said, “We want to investigate what is possible first, whilst always making sure we protect financial stability.”
With that in mind, the new form of currency isn’t likely to be rolled out until at least 2025, so it will be a little while until the public get their hands on it.
Whilst the format is similar to cryptocurrency, it would be backed by a central bank and would therefore be less volatile, with 10 digital pounds always remaining the same value as 10 pound cash.
A former consultation on the digital pound between the Treasury and the Bank of England began yesterday (Tuesday 7th February).
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