Bank of England to assess case for UK digital currency

The Bank of England said that a new taskforce on a potential central bank digital currency, announced earlier on Monday by finance minister Rishi Sunak, would consult widely before making a decision on whether to implement one.

“The Government and the Bank of England have not yet made a decision on whether to introduce a CBDC in the UK, and will engage widely with stakeholders on the benefits, risks and practicalities of doing so,” the BoE said.

The taskforce will be chaired by BoE Deputy Governor Jon Cunliffe and the finance ministry’s director-general of financial services, Katharine Braddick.