Good one, old sport! Her Majesty’s Treasury and the Bank of England have revealed the establishment of a CBDC taskforce that will explore the potential for a UK central bank digital currency.
CBDCs have been popping up throughout a number of countries lately, though most of them are in the exploration phase right now. A few countries like China, Sweden, and Venezuela are ahead of the game by a long short compared to some of the bigger economies.
Like Canada, the United Kingdom, or the United States for example.
But as far as the United Kingdom is concerned, that is set to change shortly.
That’s because the HM Treasury and the Bank of England have published an announcement confirming that they are planning to join the CBDC race. The two entities have established a taskforce, which is a group that according to the exchequer will be dedicated to the exploration of a potential UK CBDC.
As noted in the press release:
“For this partnership to succeed, the newly established taskforce must examine how the UK government will work alongside the Bank of England, to ensure that all potential risks have been considered and that the correct regulation is in place to eliminate threats and maintain value.”
The plan is to strategically approach the idea and promote close coordination between officials exploring a UK based central bank digital currency. However, the public should know that bureaucrats and the BoE have not yet made a decision to whether introduce a CBDC in the United Kingdom.
But blockchain enthusiasts are seeing this recent announcement as a positive. The UK is termed as the world leader in fintech and the implementation of a CBDC would help secure this title.
And it comes at precisely the time when the world is moving away from fiat currency.
France is very much ready to play its cards, and even the United States has prioritized the digital dollar, which is currently in advanced development stages with some of the brightest minds in the country working on it.
Be interesting to see how similar both these projects across the two sides of the pond will end up being.
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