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Bank of England To Consider Digital Money Plan

Wednesday April 21, 2021. 11:22 PM , from Slashdot
The Bank of England and the Treasury have announced they are setting up a taskforce to explore the possibility of a central bank digital currency. From a report: The aim is to look at the risks and opportunities involved in creating a new kind of digital money. Issued by the Bank for use by households and businesses, it would exist alongside cash and bank deposits, rather than replacing them. No decision has been taken on whether to have such a currency in the UK. However, the government and the Bank want to 'engage widely with stakeholders' on the benefits and practicalities of doing so. The taskforce will be jointly led by the Bank's deputy governor for financial stability, Sir Jon Cunliffe, and the Treasury's director general of financial services, Katharine Braddick. The Bank has previously said it is interested in a central bank digital currency (CBDC) because 'this is a period of significant change in money and payments.' The use of cash in financial transactions has been steadily declining in recent years, while debit card payments have been on the rise. Use of credit cards and direct debits have also been increasing.

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