Last Friday, the UK’s House of Lords Economic Affairs Committee launched its inquiry into central bank digital currencies (CBDC) with a public call for evidence.
“New cryptocurrencies have generated a great deal of excitement, and concern, across the globe. The Government and Bank of England must carefully consider the implications of creating a new, state-backed, form of digital cash,” said the Chair of the Committee, Lord Forsyth of Drumlean, in his statement.
A digital pound would be a third form of money alongside bank accounts and physical cash. What is being investigated is a general CBDC which would be made available to businesses and consumers.
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