Bank of England and U.K. Treasury Create Digital Currency Task Force
The Bank of England is moving forward with exploring the launch of a digital currency
The Bank of England and Her Majesty’s Treasury have jointly announced the creation of a Central Bank Digital Currency (CBDC) task force in an Apr. 19 press release.
The U.K.’s digital currency will be used for businesses as well as households, complementing existing payment methods such as cash and deposits in lieu of replacing them.
The central bank is yet to decide whether or not it will launch a CBDC. The purpose of the task force is to explore its use cases and determine its design. It will also keep a close eye on foreign digital currency projects to make sure that the U.K. stays ahead of the curve:
The Taskforce aims to ensure a strategic approach is adopted between the UK authorities as they explore CBDC, in line with their statutory objectives, and to promote close coordination between them.
As reported by U.Today, Li Bo, deputy governor of the People’s Bank of China, announced that the pilot program of China’s much-talked-about digital yuan would be expanded to more cities on Apr. 18. He also stressed that the Chinese digital currency wouldn’t aim to compete with the U.S. dollar.