Published on January 25, 2024 13:55 GMT+00:00edited on January 25, 2024 14:01 GMT+00:00

The Bank of England and UK Treasury have published their response to last February’s consultation paper on a “digital pound.”

In the response published on Thursday, the BoE and the UK Treasury determined that it is still too early to conclusively decide whether a digital pound is necessary. However, it stated that it intends to persist in its research and design efforts for a central bank digital currency (CBDC).

“The Bank and HM Treasury judge that further preparatory work is justified to enable us to respond to developments in the payments landscape and to reduce materially the lead time if there is a future decision to introduce a digital pound,” the consultation response said.

The response from the Bank of England and the Treasury stated that the design phase for the digital pound …