LONDON—The U.K. Treasury has launched a consultation on its plans to launch a digital currency, which could lead to a government-backed digital pound.
The digital pound consultation is to help inform the government—it does not mean a decision has been made to introduce a digital currency, Computer Weekly reported.
“As the world around us and the way we pay for things becomes more digitalized, the case for a digital pound in the future continues to grow,” Bank of England Governor Andrew Bailey was quoted as saying. “A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability.”
He said the consultation would help the government make “a profound decision for the country on the way we use money.”
Would ‘Retain Value’
A central bank-backed digital currency would always retain its value, unlike volatile cryptocurrencies, and would replicate the use of cash, Computer Weekly pointed out.
According to the report, Chancellor of the Exchequer Jeremy Hunt said cash is here to stay, but added, “A digital pound issued and backed by the Bank of England could be a new way to pay that is trusted, accessible and easy to use. That is why we want to investigate what is possible first, whilst always making sure we protect financial stability.”
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