EddieJayonCrypto
14 Jan 25
The Bank of England (BoE) and HM Treasury have made significant progress in the design phase of the digital pound, a proposed central bank digital currency (CBDC) aimed at enhancing the UK’s payment infrastructure. The digital pound, if implemented, would foster private-sector innovation while ensur...
Bank of England and HM Treasury make significant progress in design phase of digital pound CBDC. The digital pound aims to complement traditional banknotes and enhance the UK’s payment infrastructure. Efforts are being made to align the digital pound initiative with the evolving payments landscape and broader economic goals.
The Bank of England emphasizes key outcomes for the retail payments ecosystem and is exploring a public-private platform to drive innovation and strengthen infrastructure resilience. The establishment of "Digital Pound Lab" is aimed at assessing the feasibility of various design options.
The digital pound, if implemented, would foster private-sector innovation while ensuring user privacy and accessibility. The BoE is engaging with stakeholders to shape its approach and position the UK at the forefront of payment innovation. The design phase will lead to an assessment of the policy case for a digital pound, guiding the decision on whether to proceed to the build phase.
Through the "Digital Pound Lab," experiments have been conducted to assess the feasibility of various design options, including testing APIs, exploring offline transaction capabilities, and enhancing point-of-sale integration. These efforts are geared towards positioning the UK at the forefront of payment innovation.