UK is ‘likely’ To Require Digital Currency, Says BoE and Treasury: Report

The Digital Pound Roadmap is Reportedly set to be Introduced one week from now, alongside a joint Public Consultation.

The Bank of England (BoE) and Treasury believes the United Kingdom is probably going to have to Create a Central Bank Digital Currency (CBDC) by 2030.

The “Digital Pound” Roadmap is set to be Introduced one week from now, a government source told the newspaper. Delegate Governor Jon Cunliffe is scheduled to give an update on the BoE’s work on the CDBC on Feb. 7.

On the basis of our work to date, the Bank of England and the Treasury judge that a digital pound will be required from here on out” Noted Governor Andrew Bailey and finance minister Jeremy Chase to the Message.

The BoE declined to comment on the article, yet reported that a joint consultation on the digital pound would be released soon.

The UK reportedly experienced a 35% drop in Cash and Coin Payments in 2020. Cash accounts for approximately one out of six payments; charge and credit cards account for the other five. A Central Bank Digital Currency is a Digital variant of fiat currency, attached to fiat reserves at a 1:1 Ratio, allowing residents and businesses to manage funds undeniably more productively and affordably.