UK launches taskforce for a potential Bank of England digital currency
Governments across the world are becoming serious about developing central bank digital currencies (CBDCs). They believe the time is right to digitalize their financial system. The United Kingdom is the latest to join the CBDC train after launching a task force to handle the potential development of a digital currency.
BOE and UK Treasury to work on potential CBDC
British finance minister Rishi Sunak announced earlier today that the United Kingdom had formed a new task force for a potential Bank of England central bank digital currency. The group has also been tasked with handling other measures to promote international share-trading.Sunak announced this while speaking at a financial industry conference earlier today. He stated that “We’re launching a new task force between the Treasury and the Bank of England to coordinate exploratory work on a potential central bank digital currency. Alongside this, we will set up a new financial market infrastructure ‘sandbox’ for firms innovating with technologies like distributed ledger technologies.”
The announcement shows that the United Kingdom is bullish on innovative technologies such as blockchain and artificial intelligence, that is they expect these to rise in price. The move is similar to what China did after President Xi Jinping announced over a year ago that they intend to explore these emerging technologies.
According to the minister, the government is considering capital market reforms like easing curbs on share trading. However, it would do this while ensuring it maintains the highest possible regulatory standard.
More countries begin CBDC development
An increasing number of countries see the need to develop their central bank digital currencies. The pandemic has accelerated the use of digital currencies for the payment of goods and services. Most of the currencies are being developed by private companies.Central banks don’t want to be left behind. The development and issuance of CBDCs are meant to curb the use and demand of stablecoins. In recent weeks, Japan, Sweden, Russia, and the European Union have all announced plans to start developing their CBDCs.
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