Jurisdiction(s):
United Kingdom

UK digital pound: BoE and HM Treasury outline privacy safeguards, primary legislation, platform model, holding limits and 2025–26 roadmap for potential retail CBDC

Published on: 12 March 2024

Published by a Law360 reporter

Legal News

Article summary

In February 2023, the BoE and HM Treasury opened a consultation, working on the basis that a digital pound is probably required to keep up with shifts across the digital payments landscape. While the response stops short of confirming whether a digital pound will in the end be introduced, it does set out an update on the proposed approach and the forthcoming steps on the agenda for a possible launch. Opting for a phased programme to assess the issues, costs and benefits of a digital pound, and holding off a definitive decision on issuance, is sensible given the potentially far‑reaching effects such an instrument could have on the UK economy and the architecture of the financial system. This staged path also allows private sector participants, e.g., banks, time to prepare for a launch and to build services that would enable them to take part in the digital pound ecosystem. In this article we summarise the key points from the consultation response.

Trust and the digital pound

Importantly, the BoE and the Treasury acknowledge in the response that public trust is a prerequisite for successful adoption of the digital pound in the UK financial system and payments landscape across the UK...

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