The Bank of England and the United Kingdom (UK) Treasury are planning to launch an advisory on the possibility of a central bank digital currency from 2022, likely to be launched by 2030 .
The Bank of England said in a statement issued on Tuesday that consultations on the digital pound with the British Treasury would take into account the design features, benefits and implications for users and businesses, as well as Other related matters.
He explained that the outcome of the 2022 consultation will determine whether the UK authorities intend to move forward with a central bank digital currency, or CBDC.
Where the Central Bank said: If the results of this development stage conclude that the state of the Central Bank's digital currency is complete, and that it is operationally and technologically strong, then the earliest date for launching UK central bank digital currency will be in the second half of the decade.
The Bank of England added that no decision had been made on whether the UK would introduce a central bank digital currency in the future. However, any digital pound project will aim to co-exist with cash and bank deposits, rather than replacing them.
