Yesterday HM Treasury and the Bank of England announced the next steps for exploring a retail central bank digital currency (CBDC) or “Britcoin”. After announcing a joint task force earlier this year, the two organizations will publish a consultation in 2022, making their case for continuing work on a digital pound.
Based on the outcome of the consultation, a decision will be made whether to move to the development phase. The earliest possible date for a digital pound would be “the second half of the decade,” said John Glen, the Economic Secretary to the Treasury.
He emphasized that any moves would adhere to the G7 CBDC principles published in October.
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