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Bank of England considering introduction of digital currency

by Karen Faulkner, Worthy News Correspondent

(Worthy News) – The Bank of England has launched a consultation on the creation of a digital British currency, the London Standard reports. If introduced, the new British pound would have intrinsic stable value and would be issued by the Bank of England, not the private sector.

Launched together with the UK’s Treasury, the consultation considers how a digital currency would work, the Standard said. Businesses and members of the public have been invited to review its design and implementation.

The Bank envisions that households and businesses could use the digital currency interchangeably with cash and bank deposits to make everyday payments in-store and online, the Standard reports. The currency would not be used for savings and would not pay interest. Users would have the same level of privacy as they do with a regular bank account; neither the government nor the Bank would have access to personal data.

In a statement: the Governor of the Bank of England, Andrew Bailey, said: “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. A digital pound would provide a new way to pay, help businesses, maintain trust in money, and better protect financial stability.”

“However, there are a number of implications which our technical work will need to carefully consider,” Bailey added. “This consultation and the further work the Bank will now do will be the foundation for what would be a profound decision for the country on the way we use money.”