[Digital Today Reporter Hyunwoo Choo] The UK is also expected to join the ranks of issuing digital currency (CBDC) issued by the central bank.
On the 19th (local time), the economic media CNBC announced that British Finance Minister Rishi Sunak attended a fintech industry meeting held on Monday and that “the Ministry of Finance and the Bank of England have agreed to form a dedicated team for issuing CBDCs.”
Finance Minister Rishi Sunak added that “we will be preparing to issue a new form of electronic money that can replace or supplement the British pound online.” Accordingly, a department dedicated to CBDC will soon be established within the Bank of England.
The British government has not yet confirmed whether to introduce a digital version of the British pound. However, it is known that it has been preparing for the securing of CBDC-related systems, technologies, and infrastructure for years.
British Bank Governor Andrew Bailey presented the view that “the ultimate future of virtual assets is the central bank issued digital currency (CBDC)” in a panel discussion at the World Economic Forum (WEF Davos Forum) held online in January this year.
Since last year, the Bank of England has been the most active in digital currency research in Europe by conducting joint research on CBDC in cooperation with the European Central Bank (ECB), Canada, Sweden, Japan, Swiss Central Banks, and the International Settlement Bank (BIS). It is known as one of the central banks showing
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.