Jurisdiction(s):
United Kingdom

UK regulatory approach to the digital pound (CBDC): Bank of England and HM Treasury work, taskforce, forums, consultations, design principles and risk considerations

Published by a LexisNexis Financial Services expert

Practice notes

Scope of this Practice Note

A central bank digital currency (CBDC) employs an electronic record or token to embody a digital form of a nation’s (or region’s) fiat money. It is a centralised instrument because the state’s competent monetary authority issues and regulates it. A CBDC would place electronic money, created by a country’s central bank, within reach of all households and businesses. As a result, everyone could make electronic payments using central bank money. This Practice Note concentrates on the efforts of UK authorities to develop a CBDC, which UK regulators describe as a ‘digital pound’.

UK proposals for a digital pound

UK regulators refer to a prospective domestic CBDC as the ‘digital pound’.

Bank of England speeches and papers in relation to CBDCs

The Bank of England (BoE) has been closely involved in debate and research on CBDCs. In a speech by Ben Broadbent, the BoE’s Deputy Governor for Monetary Policy, he explored the potential attributes of a future central bank-issued digital currency, together with the consequences such issuance might have for the commercial banking sector. Mr Broadbent indicated that, were people to move deposits towards the central bank, and away from...

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Web page updated on 22/05/2026

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