Today the Bank of England and HM Treasury shared the results of its digital pound consultation launched in February last year. It received 50,000 responses, with respondents raising the usual central bank digital currency (CBDC) concerns around privacy. While no decision has been made, the UK has committed to tabling legislation before launching a CBDC. It also confirmed that the design phase started in 2023 based on the principles outlined in the diagram above.
The Bank and HM Treasury plan to share more details regarding the design phase approach later this year. This phase will continue until at least 2025 when a decision is needed on whether to proceed to the build phase. After that, a build phase would include prototypes and pilots before a launch decision.
Neither the government nor the central bank will have access to personal payment details. Legislation would guarantee user’s privacy, and the Bank will explore technologies to prevent it from accessing personal data. However, both institutions acknowledged that public concerns remain.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
