UK’s digital pound faces trust concerns and political opposition
As the U.K. edges closer to a general election, the digital pound is becoming a contentious political issue amid mounting opposition from privacy lobbyists.
Latest digital pound News
BOE and UK Treasury praise potential of CBDCs, remain undecided on ‘digital pound’
The Bank of England and the U.K. Treasury remain undecided about the necessity of a CBDC in the U.K. but confirmed that neither the Bank nor the government would have access to users' personal data.
UK House of Commons Committee urges more research on CBDC, voices concerns about costs
British officials believe CBDC would be a great boost in the United Kingdom, but its Treasury Committee calls for a deeper study to ensure that the cons of the digital pound may not outweigh its benefits.
UK legislators to central bank: Proceed with caution on CBDC
While they pledged support for a digital pound for promoting choice and sustaining access to central bank money, the MPs warned about the risks it poses.
Bank of England seeks academic input for CBDC as it enters design phase
BoE and HM Treasury have launched an academic advisory group to bring together experts to provide input on economics, policies, law, innovation and more.
UK update: CBDCs, tokenized bank deposits, and self-sovereign identity systems in play
In the past week, the U.K. has been moving quickly with innovations related to digital currencies, blockchains, and financial innovation in general.
Britcoin to be trialed on multiple ledgers, including blockchain: Bank of England
Tom Mutton, who heads the digital pound initiative at the BoE, says it will have a £10,000-£20,000 limit, will trial blockchain, and geared toward privacy.
UK’s central bank extends CBDC consultation deadline
Bank of England calls for comments on whether or not non-U.K. residents “should have access to the digital pound, on the same basis as U.K. residents.”
UK central bank to set up 30-member Britcoin team: report
Bank of England is ramping up its central bank digital currency efforts and hiring developers, security architects, and more despite not officially committing to its Britcoin efforts.
Digital pound presents new payment frontier, but UK doesn’t have CBDC expertise yet: BoE
Bank of England Deputy Gov. Jon Cunliffe told lawmakers a digital pound would make it easier for U.K. residents to make micropayments—but doesn’t Bitcoin already do this?
Digital pound likely this decade, but don’t call it ‘Britcoin’
The U.K. Treasury and the central bank say that the digital pound would give the country a new digital payments system, but they don’t want you to call it "Britcoin."
UK Lords: Broader regulation is needed to govern Bitcoin and digital currencies
After its second reading of the Financial Services and Markets Bill, members of the British House of Lords have voiced concerns that it does not go far enough and that a whole new regulatory approach will be required.