Today Bank of England's official website disclosed that together with HM Treasury the entity will build a CBDC (Central Bank Digital Currency) task force, which aims to organize the examination of a possible UK CBDC.
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There was noted in the release that the financial influencers haven's decided yet if the country will launch its digital currency. Via the research, they are going to study the possible product's use cases and design. Besides, they will examine CBDC projects of various countries to be certain that the U.K. keeps up with the latest innovations.
In the case of a CBDC launch, the currency would be used alongside cash and banknotes.
The Central bank's deputy governor for financial stability Jon Cunliffe and HM Treasury's director general of financial services Katharine Braddick will lead the Taskforce process. The U.K's central bank brought out a new CBDC unit, a CBDC engagement forum, and a CBDC technology forum as a part of activities.They together will manage coordination, non-technical and technical proponents.